There is no question that contactless payments in the UK are making a dominant stand for the way that we make payments at a point-of-sale terminal. It is just so much easier to make a payment using this method than the traditional cash and coin way and even the swipe-your-card or enter-your-PIN type of payment method. In the light of this revolution, PSI has decided to take a leap of faith with a contactless payment ring. This should be good.
Britain reports that over 50% [6.42 out of 10] of its purchases are through credit cards. Amazing! Who would have ever imagined this to be a reality? 1946, a charge card is introduced to the scene and then in 1958, American Express introduces the credit card – with only 1 million card holders worldwide in 1964. Other associates would adopt the payment method and credit cards would dominate in the 1970’s. Still, cash was the favored, as it has dominated for thousands of years into recent times, but today credit has taken a lead despite its time consumption and it is said that contactless payments will make a push to dominate as its advantage is the amount of time and effort it takes for a consumer to make a payment. With the additional domination by contactless payments, by 2026 payments using cash will fall below 21%.
As the statistics reveal developmental digital payment revolution, based on these statistics we can only predict possible expected outcomes. But when England churches adopt wave and pay methods to collect offerings, you can kind of put your money on digital payment dominance. And not to mention the fact that £6bn less in 2016 was withdrawn from ATM machines versus 2015. And, the fact that items with smaller price tags are now being paid for by payment cards adds fuel the fire. Experts suggest that digital payments will never completely overcome cash, as statistics may suggest in later years, so in essence we should not give up hope about the future of cash.
Contactless payments is a step up in the digital payment game. The fact that consumers don’t have to dig in their wallets for cash or input a PIN number makes the process worth all the while. UK has had much success with contactless payments over the years. Currently, over 108 million cards have been issued in the UK with £3,913.3m spent using these cards in a giving month. This is an increase from last year of 2016 in that same month. As the statistics show that people are using contactless payment cards, PSI decided to make it even more easier for consumers by creating the world’s first contactless payment ring. If you thought a contactless card was easier to make a payment versus swiping a payment card at a POS terminal, you are in for a huge surprise.
A contactless payment ring is the first of it’s kind, which was made possible through the efforts of PSI Pay and its affiliate Kerv Wearables. It fits easily on a consumer’s finger and works with any contactless payment terminal, just like an Apple Pay or Google Pay. Find out more about this revolution by the visiting PSI Pay website.
Digital pay is quite popular now days and with contactless payments in the UK doing very well, who knows what’s in store for other countries who currently are without it. With this revolutionary commitment and brilliant idea by PSI and affiliate Kerv Wearables, I’m sure we are in for even more amazement by the two for the digital payment world in upcoming years.