PSI-Pay partners with Kiev to innovate a contactless mode of payment.
PSI-Pay is an alternative banking solution that allows members to transact in real time taking advantage of the use of local currencies in various countries around the globe. PSI-Pay has revolutionized the way banking is done. It has made payments, faster and more efficient. Recently it got into a partnership with Kerv Wearables to break ground on a new technology that would enable contactless payments. Kerv wearables and PSI-Pay announced their plans to the world in 2016 and had already begun mass production of limited amounts of the product.
The technology is a ceramic ring which enables the wearer to make contactless payments through the PSI Pay account. It works when on holds the ring 1.6 inches away from a contactless card reader. The equipment uses near-field communication to interact with the ring. Given the wearers PSI-Pay account is well funded, the reader beeps turning green and thus granting payment. Kerv decided to partner with the British based PSI Pay because of its capability to raise the necessary funds for the project. Kiev was attracted by PSI-Pay’s ability to create innovative payments platform. PSI-Pay ‘s experience which transcends over a decade was well matched with Kiev’s dream making the match star-crossed. The founder of Kiev Phil Campbell described PSI-Pay as being open-minded and responsive in their designs.
In 2017, Kerv officially made the product available to the general public. Statistically, 105 million of the product is owned by the British citizens. This made more profit for electronic retail companies. The contactless cash payment devices trended in the United Kingdom when it was made readily available to the consumers. The sales of these devices have soared from last year. Not only has it been used in Britain but also in other nations. Some of the countries that popularly use the payment methods are; Singapore, New Zealand, Taiwan and Australia.
In March 2018, Kerv has delivered more products only to British citizens. It also plans on making business with countries in Europe shortly. Most popular credit card firms require one to obtain the Kiev’s contactless payments in two years. However, PSI-Pay is most certainly going to be relied on by Kerv to provide prepaid accounts to its users around the world. The two companies offer free charges when their customers buy goods and services, check their account balances online or deposit money with their contactless cards. However, not all services are free. There is a small amount that is paid when on checks his/her account using ATMs or deposit using PayPal accounts.
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— PSI-Pay (@PSIPayLtd) February 10, 2016