Payment processing technology continues to march forward as UK-based Fintech, financial technology, company has recently announced that they will be releasing a ring that will allow contactless payments. This company, PSI-Pay, has announced a partnership with wearable technology company Kerv Wearables.
Psi Pay is already one of the largest financial technology companies in Europe and is well known for providing digital accounts and card processing facilities to international markets. The new partnership between the two companies will make use of their MasterCard license and allow users of the payment ring to make payments in any of the 38 million locations around the world that allow payments through a MasterCard. Potential applications include the ability to fund their account with the use of a debit or credit card, PayPal, and even automatic accounts additions. The contactless payment ring will not only be usable in physical locations. It will come with a virtual card that will allow individuals to make purchases online or in applications.
The managing director of Psi-Pay, Phil Davies, has announced that they are incredibly happy with the new partnership. He believes that Kerv Wearables is one of the more innovative companies in the industry and has the ability to offer useful solutions to payment processing issues. He believes that the global market will quickly adopt the new payment methods and develop new applications for the technology.
The founder of Kerv Wearables, Phil Campbell, has stated that his company is creating the new unique payment device in order to allow more convenient payment options. In addition to creating new and more comfortable payment options he hopes that they will be able to extend two additional areas such as data sharing and access control.
There have been several conundrums that have come along with bringing this new technology to the world. However, by working with open-minded business partners it has been possible to overcome these issues. The contactless payment ring was first crowd funded in October 2015. It has already received several awards for its innovative use of technology. It has also been subject to extensive media coverage and should be released globally in the near future.
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