Contactless payments are one of the most recent advancements in the field of banking and finance. The technology had just been introduced less than a decade ago, but many people have adapted to the system, and it is now one of the most reliable payment methods in Europe. People who are using contactless payments have stated that it has a lot of advantages versus its disadvantages. One of the benefits of using contactless payment is the convenience that it brings to the users. Most people who have been using contactless payment methods have stated that they no longer need to get their wallets inside their bag and hand out bills or coins to the cashier when they are purchasing something. They would also no longer need to wait for their change. It saves their time and effort because using contactless payments would only require them to swipe their cards or to tap their contactless payment devices. In most retail establishments, customers are stating that those who are accepting contactless payment methods have more chances of receiving a lot of customers because it would be easier for the consumers to purchase and pay. Contactless payments would also eliminate credit card checking and waiting for the credit cards to be validated. Unlike the conventional credit cards, contactless payments would only require a credit balance stored within the device or the contactless payment card. Once it is swiped, customers can freely go.
PSI-Pay, a financial company based in the United Kingdom, stated that they had initiated a program with Kerv Wearables that would allow them to manufacture contactless payment rings that can be used by customers in any establishments that accept contactless payments. These devices have proven to be durable and convenient to bring anywhere, and it also has a cool design. PSI-Pay said that they wanted to develop these contactless payment devices because they wanted to introduce convenience to their customers. They also ensured their customers that each contactless payment rings that they will be selling would be equipped with “E-curity,” making it safe and secure to use in public. It would also deter any hacking attempts, and they claimed that each contactless payment rings are equipped with the same security feature that allows PIN cards and protected chips to be hack-proof. PSI-Pay stated that they value the security of their customers and clients, and they will be investing a lot to protect their financial data stored on each device.