Alternate payment solutions have become creative and include fitness trackers. wrist watches, jewelry and wristbands. PSI Pay is an online baking company specializing in credit and prepaid debit services. A strategic partnership was established in 2006 with the Fintech company. This led to the contactless MasterCard payment ring now being used globally.
The payment ring eliminates the need to wait for long checkout processes. Numerous security issues are also addressed because card skimming devices are ineffective. Transactions requiring individuals to swipe their payment cards have been eliminated. Identity theft is also addressed since credit card information does not need to be submitted online. This is no longer the only accepted payment method.
The United Kingdoms traditional banking model has been dealing with numerous challenges regarding payment processing. The failure of a mobile banking app in 2003 left millions of RBS customers without any cash. An IT glitch in 2015 locked NatWest customers out of their online banking services. The British bank TSB was recently unable to access any of their banking accounts online. This renews the debate concerning relying on traditional banking methods. PSI Pay provides an excellent alternate banking solution.
Wearable technology is becoming a solution by providing contactless payments that are more personalized, less intrusive and more effective. The challenges regarding security and convenience have been dealt with exceptionally well. Contactless wearable payment systems appear to have a promising future. These products have made a commitment to protecting and securing personal data. The biggest concerns are regarding the convenience, accessibility and security. These concerns have already been addressed by PSI Pay.
The contactless MasterCard payment ring has already been accepted at 38 million locations all over the world. The transaction value is low and there are lower stakes and less impact if a fraudulent transaction occurs. The ring can be used on the tube, trains, at the pub, restaurants, grocery stores and buses all over Europe and the United Kingdom. NFC can be used to share personal data to other devices that are NFC enabled. The ring does not need to be given to the merchant to make a payment. This adds even more security to transactions.