PSI-Pay and Kerv Wearables Affiliate
Credit cards are winning the race in Britain for consumer usage. PSI-Pay and Kerv Wearables are planning to increase that usage. Now that PSI-Pay and Kerv Wearables have joined forces, they offer a contactless payment technology that uses a ring or card and RFID technology to make point of sale purchases. In order to make a purchase the customer only needs to tap the ring or card on the merchant’s device. It’s a PIN free and signature free experience. The transactions are limited for security purposes. In the UK, a person can only make a single contactless purchase of up to thirty pounds. The money is still available, as each ring is connected to a card in case bigger purchases need to be made.
PSI-Pay History and Usage
PSI-Pay has been providing services locally and internationally since 2007. PSI-Pay is licensed under the European Union money regulations to allow the company to provide money electronically. PSI-Pay has been on board with Mastercard, offering prepaid cards, virtual cards, and debit cards since 2009. Contactless payments have not only hit the market by storm for the younger consumer but research has shown that consumers over sixty years old are also enjoying the new program and have already outnumbered the amount of younger users ages 18-25 years old.
Cashless Transportation Expansion In Future?
The system has become so popular, the UK Cards Association is now trying to get the public transportation services onboard. If public transportation joins the movement it could rapidly reduce the amount of time wasted standing in line for paper tickets and other old forms of payment. This system would also reduce lines in retail shops or areas where large crowds are expected. Even though a cashless society sounds inevitable at this point, cash is still a strong contender in the UK. Currently, there are about seventy billion pound notes still in circulation. The pressures of consumers and business participants will continue the push towards a completely cashless society.
PSI-Pay’s Revenue Growth
PSI-Pay has been steadily increasing in volume. In 2015 the business volume increased by 29% and income revenue was up 45%. Income revenue was up 15% the prior year. Phil Davies, PSI-Pay’s Managing Director attributes the rapid growth to the company’s promotional efforts, launching the affiliate program, new products, as well as furthering global expansion. He is very pleased with the success of the company’s payment card sponsorships they’ve received.