Two Fintech companies have teamed-up to creat the world’s first contactless payment ring.
UK firm PSI-Pay, which provides digital account and payment card facilities to the international market, are partnering-up with Kerv, an innovator in the alternative payments industry, on the project.
The pair will utilise PSI-Pay’s MasterCard licence which will enable users of the Kerv contactless payment ring to pay in 38 million locations worldwide.
Kerv users will be able to fund their account via debit or credit card, bank transfer or PayPal, either via a manual load, or the auto top-up service.
In addition to contactless payments, Kerv users may make online or in-app purchases with their virtual card.
Phil Davies, managing director of PSI-Pay Ltd said; “We are extremely pleased to have been chosen to work with Kerv. As alternative payments go Kerv has to be one of the most innovative, exciting and useful solutions available. There is no doubt that the market is now embracing these revolutionary payment applications and we are proud to be partnering with Kerv and being able to share in its inevitable success.”
Phil Campbell, founder of Kerv said; “With Kerv we are creating a unique new payment device – not only with a more convenient, personal form factor but extending its capability beyond payments, to transport, data sharing and access control.”
He continues “With numerous challenges to bring Kerv to market, it was important to work with partners that are responsive, open minded and capable of solving challenges. PSI-Pay have demonstrated that clearly through our work with them, and we would not be able to bring Kerv to market without their support.”
The Kerv contactless payment ring exceeded its target on Kickstarter in October 2015, has received global media coverage and has won a host of awards, most recently the Temenos Innovation Jam in front of a global banking audience.