In today’s world, a lot of advances in technology are happening around us. One of the most frequent topics about the technologies of the future would be contactless payments. Several companies have already developed the concept, and it is widely used in Europe. The contactless payment system aims to provide convenience to the people while they pay and at the same time, work just like a regular wallet but without the fraud and the security issues. These alternative payment devices range from being a wristwatch, jewelry, and so much more, and the great part of it is that companies are showing interest in developing other devices that could also do the same thing and can be sold to the public for a lower price. Many people who have seen the device wanted to own one, and it keeps the demand for wearable devices high.
A United Kingdom-based financial company called PSI-Pay has partnered with a wearable device manufacturer to create more tools that are capable of alternative payment methods. Kerv Wearables, a company that is known for their wearable gadgets, stated that they are excited to work with PSI-Pay and see how their technologies could reshape the world. PSI-Pay said that it is time for financial companies like them to initiate the move to provide a high-tech method on payments. The financial company was established in 2006, and since their foundation, PSI-Pay stated that they are dedicated to create a device that can be worn and will be able to do payment functions. The planned wearable devices by Kerv Wearables and PSI-Pay are a lightweight ring that can do transactions by Mastercard. The ring will be the first one of its kind, and both companies are expecting that once the hype with their invention builds up, the demand would also soar. They believe that it would be a sell out because of its cool design and usability.
The constant change in the field of technology is driving companies to adapt. Contactless payments must be unheard of in the past decades, but everything is slowly changing as the people are also accepting these changes. The idea of contactless payments was once being criticized for being an inconvenient way to pay for goods, and its security is also questioned because of its prone to hacking. But after the critics have seen the advancement with contactless payments over the years, they started to think that it might indeed be the future of payments.