The way we communicate and interact with businesses and society is constantly changing. These changes include payment interactions. There are constantly being introduced more and more ways to execute payment transactions. Anything from watches to fitness trackers to jewelry. The payment process is becoming so simple and streamlined with these products that you never need to type in your PIN, sign for authorization, or giving the merchant your banking information. It is increasingly becoming easier to not need to carry cash around with you.
The possibilities are enormous and the reality growing day by day. PSI-Pay has now introduced the Mastercard payment ring. This is just one example of PSI-Pay has a revolutionary Kerv Wearables line, which are contactless payment innovations which experts say will increasingly become a part of the common payment mode of the future. The cashless trend is already catching on in Great Britain, where 43% of Britons polled on the subject saying they carry less cash than they did two years ago. 20% of the Britons in the same study said that they believe the future will be wallet-less.
The largest concerns that many people have about contactless payment involve security and identity theft. However, the felt need for a cashless system is greater. This need has been raised by bank failures in the past that involved access to cash. For instance, RBS mobile banking app failure that left millions out of cash. That is just one example. There have been several others that have raised the alarm in the minds of the populace. These failures have bolstered the disillusionment with traditional banking that dealt in actual cash.
We can expand wearable technology—not just Kery Wearables—to have an ever greater place in society. And as it does, the banking world is developing protocols that should lighten any worries about security and identity theft. The biggest problem that these innovators will face is engaging these safety measures in such a way that doesn’t sacrifice convenience. If bank’s hope to earn peoples trust with these things, they will have to show equal concern for both security and convenience.