Since the beginning of time, as cultures encounter one another there’s an interest in sharing manners of living from day to day. As we adopt one another’s styles, at times we desire or need to borrow each other’s tools or mechanisms or skills that permit that adaptation. In so doing, we encounter the dilemma of valuation and fair exchange. My junk, your treasure. My cowrie shell, your wampum.
We’ve come a long way since those days but the basic puzzlement remains and we’ve arrived from shells and stones to digital cryptocuurrency. And while the latter appears set to expand even more rapidly, there remains plenty of us who transact business using our traditional banking systems with extra traditional formats. PSI Pay is one of them.
PSI Pay removes the hassle and danger of carrying the actual cowrie shells and stones, if you will, to simply maintaining on one’s person a card or phone or in this case, a ring. Reminiscent of a king’s signet ring, Kerv Wearables has designed a convenient format tool for exchanging monetary value. With the appropriate receptor mechanisms, merchants can offer easy, quick and secure point of sale (POS) services to its clients via the Kerv ring. The carrier merely passes the ring over the mechanism once the transaction has been properly totaled. There’s no need to actually touch, tap or swipe any card or anything. The RFID processing forum translates the wave pass into a collection and verification of data process which then deducts the POS amount from the carrier’s account connected via Kerv and adds it to the merchant’s revenue books.
Some of the key terminology associated with PSI Pay and this relatively new payment processing technique are RFID (Radio Frequency IDentification), NFC (Near Field Communication) and ‘wave & pay.’ There are some companies that have begun experimenting with cashierless stores where NFC technology handles the transaction upon exit. Generally, the Kerv process employs an expenditure cap of about £30. It is really a method of daily convenience to use while on the go for typical services like coffee, lunch, car wash, public transit, etc. The customer does not have to wait in line or stop to slide or sign anything. Many retail outlets and even churches are finding value in the use of updated POS procedures of convenience to their clients. PSI Pay with Kerv is one of the leaders in this newness of lifestyle.