Ringing your bank will soon take on a whole new meaning, if innovative companies like PSI Pay are any indication. The UK-based company, providing digital wallet services to the European market, is partnering with Kerv wearables to transform jewelry into wallets. Their current iteration of wearables coming in the form of a ring. Europeans, already comfortable with contactless payment, are leading the way for their counterparts in America, who, apart from the millennials, have been slow to adopt these technologies.
PSI Pay has been leading the way in the UK; in 2015, for instance, seeing a market increase of nearly 30%, but due to the disparity in feeling towards companies like PSI Pay between Europeans and Americans, the digital wallet functions differently in the two markets. In Europe, the wallet can be linked to credit cards, debit cards, ATM accounts, and bank accounts, essentially eliminating the physical wallet all together. They also allow the easy management and usage of multiple currencies, such as the Pound and the Euro, an all too important requirement for economies as interlinked as those of Europe. Additionally, with the growth of the so-called cryptocurrencies, a digital wallet allows consumers to quickly exchange these funds for real, useable money.
— PSI-Pay (@PSIPayLtd) November 12, 2015
In America, the digital wallet hasn’t quite replaced a physical wallet. The American form of the technology does not replace cash, but simply acts as a middleman between a linked debit or credit card and the merchant. For the US market, most of these transactions occur online, while physical merchants have been slower on the uptake of these technologies; though it is thought that by 2020 contactless payment will be commonplace in America too.
With the introduction of Kerv’s ceramic, zirconia ring to UK consumers, and their partnership with a well-established fintech company like PSI Pay, it seems likely that Europe will continue to surge ahead in the race to make physical wallets a thing of the past. The ring, linked to PSI Pay’s technology, eliminates all the pesky details like pin numbers, signatures, phones, or even batteries. PSI Pay seems well placed to ring in a new future.