Psi-Pay Ltd. is a United Kingdom-based financial services company which is headquartered in Horsham, West Sussex. It was established in 2007 and it is a for profit enterprise. They offer consumers a way to easily make contactless payments. The payments are made through a ceramic ring that people can put on their wrists.
In order to develop this device, Psi-Pay had partnered with a tech firm called Kerv Wearables. When people want to make a payment they just have to wave this ceramic ring at a contactless spot. The money comes out of their Psi-Pay account as it is linked to the ceramic ring. Psi-Pay announced their partnership with Kerv in June 2016 and by October Kerv was creating limited quantities of this device.
One a user of this device initiates a payment they hold their ring closer than 1.6 inches away from the contactless card reader at the establishment where they are making a purchase. The card reader and the ceramic ring interact through near-field communication technology. Kerv had raised money to produce this device by using a crowdfunding site. Kerv, which is based in London, was able to exceed the amount of money raised that they had targeted. As they were not a financial company they needed to partner with one who was, and that is why they wanted to partner with Psi-Pay.
Psi-Pay has a history of offering innovative payment systems. They have been helping clients make financial transactions globally for the past decade which made them a great financial services company to partner with. The wearable was released to consumers in 2017. It is authorized by MasterCard to be used with prepaid accounts after Mastercard had vetted that it was secure and dependable.
Psi-Pay’s Managing Director Phil Davies explained the difference between American wallets and those in Europe. Basically, the purpose of an American wallet is primarily to be able to buy things online. The American payment culture, he explains, is based on privacy and security. Online accounts don’t have a stored value and everything is paid using a card, whether it is a credit or debit card.
A European wallet uses cards loaded with a stored value. Because different cultures in Europe came up with different payment cultures a stored value card makes a lot of sense. This usually also includes multi-currency capabilities as well. In Europe e-money accounts can’t offer credit which is why stored value is used instead.
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