Kerv Wearables has partnered with Psi Pay to create a ceramic ring that offers contactless payments. Contactless payments are made with the use of a bank card, credit card, or with a smart card. Cashless payments or contactless payments were available for over ten years, but a few retailers only accepted these payments. Contactless payments have grown in popularity, and as of 2015, one-third of all payments made in Britain are contactless payments. The forms of contactless payments frequently used were debit and credit card transactions, as well as payments using smart cards.
However, Kerv Wearables partnership with Psi Pay is about to change the game. Kerv wearable recently funded the creation of a ceramic ring through crowdfunding. The ceramic ring is a contactless payment method. Customers paying with the ring can merely hold it 1.6 inches away from the payment terminal to conclude their transaction with Psi pay. The ceramic ring is available in 12 sizes and was created to withstand the wear and tear of everyday use. People who buy the ring do not have to worry that it will break or fracture.
Just as the method of payment is changing so is the way for carrying currency. When cash was the primary form of payment during transactions, it was carried in a purse or a wallet. Now, that currency is shifting from a physical medium to an electronic medium people are still using wallets to carry their digital currency. Electronic wallets are also known as e-wallets are used as a form of payment method.
There are currently two models of e-wallets: the American and the European. The American wallet is used to make online purchases. The American wallet is primarily a card-based transaction and holds no stored values in and of itself. Once a customer chooses an item for purchase the customer can use the wallet as a payment option and the purchase will clear using whatever deposit method that is attached to the wallet. If a debit, credit, or smart card was used to fund the e-wallet, it is easy for the transaction to be processed. The European model of an e-wallet is more complex an offers more payment alternatives and has more options to deposit or load funds. The European e-wallet functions more like a debit card attached to your bank account, according to PSI Pay. However, no credit is offered, and there are no overdrafts.
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