Decades ago, the thought of having paperless cash was unfathomable. Gradually, the society has been embracing this idea, and it is time to call a spade a spade. The future of paper cash is bleak and behold the new thing in town is contactless pay. According to the Federal Reserve Bank of San Francisco, in 2015 cash payments was still the most preferred mode of payment and it accounted for 32 % of all transaction. At a close second was the debit card with an estimated use of 27 % of all transactions. Lastly, credit cards accounted for 21 % of all transactions.
With the number of cash and card payments dwindling, people are starting to join contactless payment bandwagon. PSI is a company that has challenged the societal concept of using paper cash. Their concept involves the use of a ring which is a combination of debit and credit card system. The ring is designed to create a comfy feeling while being waterproof and also damage proof. To capture each individual, they have developed 12 unisex rings which are made of different sizes.
— PSI-Pay (@PSIPayLtd) February 10, 2016
The current global system has been experiencing some shortcomings when it comes to maintaining a client’s security. As every year ends most financial institutions add a layer of security which seems to bring havoc to the industry instead of creating a haven for financial transactions. For instance, in 2017, it is estimated that over 2.5 billion payment records were either compromised or stolen. This was a subsequent increase from 2016 which had 0.3 billion documents stolen.
The benefit of having PSI pay is that your financial records are safe. They combine data from your previous transactions while checking your financial trends. They also have some of the brightest minds who keep a close look in your financial transactions, and if they suspect an unusual transaction, they will flag it for further security measures. Additionally, they involve the use of third-party companies that help them verify your account. With their revolutionary security system, you can transact efficiently without fear of being compromised.