Britain based Fintech company, PSI Pay has worked tirelessly to create the first contactless payment system in the world. Contactless payment differs from traditional payments and card payments in that there is no use of a physical medium to conduct the payment. PSI Pay with its affiliate Kerv recently rolled out a payment ring that uses debit or credit card information to perform payments. While PSI Pay asserts that contactless payment will surpass traditional payment, there is one drawback. Contactless payment schemes limit the number of transactions you can do. PSI Pay projects that this will change as contactless payment because more common.
Contactless payment is a simple way for customers to make purchases quickly. All they need to do is scan their contactless ring, and they can be on their way. Contactless payments are very secure. E-security defenses have been erected to detect any strange payments as well as zero liability measures that promise customers they aren’t at fault if their contactless payment ring is used without their permission. Another security measure is restraint that the device can only be used within an approved short-range distance limit that prevents copies of the payment tool being used. Furthermore, the machines are built with multiple layers of chips, and the user can create a pin to prevent the unauthorized use of their device.
PSI Pay was founded in 2007 with a mantra of efficiency, clarity, and transparency. Under the European Union money regulations the FCA granted PSI Pay a license in 2011 as a provider of the electronic transfer of money. In addition to the company’s partnership with Kerv, PSI Pay is affiliated with Mastercard as a principal member. This affiliation allows the company to offer contact-free use of PayPass programs, virtual cards, and debit and prepaid cards to customers around the world as well as providing Mastercard services to Europe based customers.