The era of using coins and notes as currency is slowly, but surely fading away due to the rise of electronic payment options. In the United Kingdom, electronic payments have already become the leading form of completing transactions. PSI Pay mentions that in Britain alone, over 50% of purchases are now made by card.
Electronic payment options, however, are now on a whole new level with a system called contactless payment. These forms of contactless transactions have been around for over 12 years and are now responsible for an estimated 33% of payments made in the UK. This technology has reached as far as the Church of England, threatening the retirement of the old donation basket.
According to PSI Pay, this is the beginning of the end when it comes to physical money and even credit cards. So what is it exactly?
PSI Pay and its partner Kerv Wearables have recently developed a state of the art RFID powered ring. What this means is that your wallet can now be substituted by sleek and normal looking ring.
This form of technology allows for a person to complete payment by simply waving the ring over a device located near a cash register, with no need of even punching a pin. The technology is secure due to its design to only work at a very close distance.
Why Contactless Payments Are Here To Stay
As technology takes over, we as humans are in a way forced to adapt and learn how to use it. Contactless payments are not only used by the young, tech-savvy millennials. People from middle-aged to seniors are beginning to hop on the trend, and there many reasons why.
The usability of the system and its perks are two reasons alone to begin using the system, making it easier to complete every day tasks for even those with physical disadvantages. Another factor to take into consideration is that this form of easy checkout is already making a difference cutting dreadful long lines at places such as the supermarket.
Although contactless pay is widely available now in public transportation, PSI Pay is working hard to make it the norm. The faster people pay, the faster things get moving, and this means less waiting time for all.