PSI Pay is an alternative form of payment offered by an illustrious institution in the United Kingdom. They have recently begun offering customers a new payment method. The method is a wearable ring made of ceramic that customers can use for contactless payments. They have a joint agreement with Kerv Wearables to manufacture the rings. If a customer wants to purchase an item in a retail location, they just need to place the ring closer than 1.6 inches to the merchant’s contactless card reader. The transaction will be processed instantly. PSI Pay has built their company by being open and innovative. They are always searching for new ways to make their customers’ lives easier.
In order for the rings to be approved for public use, MasterCard had to approve them. The rings had to be certifiably able to withstand all weather conditions, extreme wear, and they had to be digitally secure. PSI Pay had the rings constructed out of a ceramic outer shell that is stronger than steel, and the inner portion is a comfortable material that is hypoallergenic. All data streams to and from the device are encrypted, and the rings do not require a charger or battery. They receive power from the point of sale station when tiny electromagnetic streams are released during transactions.
The two models of payment wallets are the American and the European. In the American model, goods and services are exchanged for currency online. The transactions are deemed like for like. The possibility of charge-backs occurs because there is no intermediary, the payment is made directly on the card to the merchant. The transaction goes through directly end to end. In the European model the wallet may have multiple payment or load card options. There may be accounts linked to ATMs, merchants for payment, and stored values. When loading any currency in such a wallet, PSI Pay allows the owner is making a purchase of E money. This type of account is most similar to a bank account. A bank account will store the value of currency, and it can have various payment cards attached to it.
The main beneficiary of the funds is the operator. In the classic example, this would be the financial institution. Until the funds are needed for withdrawal, they will be in the financial institution as E money. In effect, by storing funds in a bank account, a customer is purchasing digital money.
Read about PSI Pay and Kerv’s new product for contactless payment: