PSI Pay — Wearable Wallets

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.

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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:

https://kerv.com/en/news/news/psi-pay-and-kerv-partner-to-release-the-worlds-first-contactless-payment-ring/

PSI Pay Adds a New Gadget to Their Contactless Payment Line

Contactless payment has been gaining a lot of momentum in recent years. PSI Pay, a London based global e-payment solutions provider, has been pushing a lot of innovative products to contactless payments space. It recently launched a revolutionary ceramic contactless payments ring in collaboration with Kerv Wearables. This one of kind ceramic rings can facilitate payment transactions when within 1.6 inches range of the contactless card reader. PSI Pay and Kerv Wearables went out of their way to make sure that the contactless ceramic rings are simple, stylish and elegant.

Why these contactless ceramic rings are revolutionary

Before PSI Pay put this rings in the market late 2017, contactless payments only came in three colors. Now, all that has changed with this contactless ring as there are 14 different color variants for you to choose from. In addition to that, these rings are very tough and durable. Zirconia ceramic used to manufacture this rings is much harder than steel silver or titanium thus you don’t have to worry about breaking or scratching your ring.

Security is essential to any payment. The best solution is always the one that makes sure that your transaction is secure and confidential. The PSI Pay contactless ceramic rings offer top-grade security for your account and transactions through top-notch encryption. MasterCard’s approval for the use of this technology on their accounts shows how their security is. Phil Campbell, Kerv Founder, praised PSI Pay for their open-mindedness to new ideas and readiness to push the industry forward.

The main types of e-wallets

There are two major types of wallets currently used to facilitate e-payments. These are:

  • The American wallet

The wallet is more common in the United States as it is widely used to facilitate online purchases. The ‘American’ wallet has features that are more centered towards online purchases from online stores.

  • The European wallet

This is a wallet that is more commonly used in Europe. In contrast to the ‘American’ wallet, this wallet is more diverse in its targets. In addition to facilitating payments for online purchases, it can also be linked to your card to enable physical purchases.

The PSI Pay ceramic ring is engineered to work perfectly with both wallets. This is one piece of payment solution that is going to take the industry to new heights.

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