The world’s first contactless payment ring has been introduced for the global market through a partnership with PSI Pay and Kerv Wearables. Regarded as one UK’s leading international Fintech companies, both PSI Pay and Kerv provide alternative banking solutions to the payments industry. The new partnership allows both companies to tackle a global banking audience with innovative payment devices.
Managing Director of PSI Pay Ltd, Phil Davies, expressed the excitement in partnering with Kerv and share in its inevitable success. In the alternative payments industry, he stated how Kerv is one of the most innovative and exciting solutions available. He also acknowledged the markets receptivity to these revolutionary payment systems.
Kerv’s contactless key ring first became available via a Kickstarter campaign. The campaign exceeded its target orders and received global media coverage. The banking industry awarded Kerv’s payment ring with the Temenos Innovation Jam award.
By means of PSI Pay MasterCard license, 38 million locations worldwide accept the contactless payment ring created by Kerv. The ring allows individual users to make contactless payment up to £30 maximum in the UK without the use of credit cards, phones or watches. Contactless limits vary in other countries outside of the UK. Kerv ring holders can fund their account through debit cards, credit cards, bank transfer, PayPal, manual load, or auto top-up.
The Kerv ring can be switched on and off. There are no charging requirements and it does not need to be paired with a smartphone to operate. Funds and transaction alerts can be set up by means of SMS text, the website, or app.
The payment device is used with a simple gesture of the fist directly over a contactless card reader. Once a series of green lights followed by a beep have occurred, the transaction will be successfully processed. No PIN is required to be entered. The ease of use allows the ring to be tapped on transports within London and other transportation networks globally. Kerv users can also make online or app purchases with the virtual card all maintained through PSI Pay systems.