The technology used in day-to-day transactions continues to create innovative solutions for problems that we may not have even known to exist. The company based in Europe has developed a new contactless payment ring that you will be able to wear on your body that can keep track of all of the financial information. The company is PSI-Pay. The originally founded with the intention of creating a specialized customer-oriented solution market for prepaid debit and credit card services. In 2006 they partnered with Kerv Wearables another technology company in order to bring the contactless MasterCard payment ring to market.
The intention behind these new wearable payments technologies is that you will never have a need to carry a wallet around anymore. You will no longer have to authenticate or validate transactions by either using a pin number or by giving your signature, and your banking information will be able to travel with you.
There has been a slow shift to this as more and more people are carrying less cash in their wallets. Already in recent years, most individuals have been using debit or credit cards instead of paper money. Many individuals believe vent paper money is a thing of the past. One of the best advances that are offered by the new technology is that it is much more secure and you will be much less likely to be a victim of fraud or identity theft.
As of right now anywhere in the world that accepts the MasterCard will also accept payment from the contactless payment ring that has been created by Kerv Wearables. This means that there are already over 38 million locations around the world that accept transactions from the new technology. It is regulated by the federal communications administration regulations to give consumers an additional layer of protection. You’re able to add funds from various sources such as credit cards, debit cards, PayPal, and even the bank. The technology is both easy-to-use and versatile in its applications. There is hope that in the future will be able to live in a world where the advances in technologies such as this will allow us to live a much more simple life.
— PSI-Pay (@PSIPayLtd) June 24, 2016