Using cash on transactions is gradually being terminated. At the moment, electronic gadgets from computers to watches can be used to make payments. The most embraced is the use of credit and prepaid debit cards. Companies such as PSI- Pay have primarily focused on delivering credit card facilities. This company was established two years ago. Together with a company called Fintech, PSI- Pay is working on a contactless Mastercard transaction ring.
As time goes by, the technology is also evolving. Take for instance a smartphone. Its primary goal was to make communication easier. Nowadays smartphones are not only useful in interactions but can also be used to take pictures, read online books and the most recent upgrade, as wallets. They have as well evolved the transaction systems.
Kerv payment ring, the PSI- Pay contactless transaction project, ultimately does away with the need to carry cash around or making cash transactions. It also eliminates the use of credit and debit cards. It also discards the need to provide one’s documents and PINs to corroborate a trade. Signing for a transaction is as well scrapped.
PSI-Pay’s contactless payment is known as Kerv Wearables. It is considered to be very useful once people adapt to it. This is because we are at a time where a majority of people are trying to do away with cash transactions. Many companies are also venturing into the development of cashless systems. This form of payment is safe because no one can get access to an individual’s details through a contactless transaction. During transactions using Kerv Wearables, there is no exchange of personal information. This device also saves an individual’s time. With the invention, one avoids the long bank salary queues. One’s money is always safe with these devices because, unlike a wallet, they cannot be stolen.
Some countries, especially in Europe, have embraced the cashless modes of payments. They have great perspectives of the future’s contactless payment means. Some hope that in the future, there might be biometric payment systems. Kerv Wearables are just the beginning of payment evolution. The good thing about these devices apart from their advanced technology is that they are customized to meet one’s fashion desires.