The forces of capitalism have continually allowed the introduction of new and innovative uses of technology that further simplify various facets of everyday life. This rings true in the recent announcement of several financial technology innovations by financial technology company Psi-Pay.
Over the last two years, Psi-Pay has been able to post a 30% growth in their overall business. Much of this recent growth has been attributed to the introduction of new technologies that consumers, particularly those of the millennial generation, have loved and adopted swiftly.
The most recent technological innovations in the financial industry have been those of digital wallets and wearable devices. Both of these technologies share some similar benefits; however, there are some key differences as well. Both digital wallets and wearable payments devices offer an additional level of security and fraud protection compared to more traditional payment methods such as cards and physical wallets. The fraud protection on these new devices has allowed fraudulent activity only to affect less than 1% of transactions.
The new contactless payment ring that will be released shortly in global markets has been made possible by a business partnership between Psi-Pay and Kerv Wearables. Psi-Pay is one of the leading regulated financial technology companies in the United Kingdom. Kerv Wearables is another leading company that focuses on wearable technology. Innovations in near field communication have allowed the creation of clothing and jewelry that is possible to link specialized technology to. In some instances, individuals have been able to replace their physical wallets with these devices entirely.
In comparison to digital wallets, the new contactless payment ring has allowed users to make financial transactions with any merchants that typically accept MasterCard payments. Additionally, users of the new technology can also deposit funds to their bank as well as make PayPal transactions. There are plans by Kerv Wearables to further develop the technological capabilities of these new payments devices to include applications in industries such as data sharing as well as access control. The adoption of these devices is still relatively low however recent polls have shown that up to one in four individuals in Europe have plans to make use of these new devices.
— PSI-Pay (@PSIPayLtd) June 24, 2016