Kerv, the world's first contactless payment ring, is planning to launch on Kickstarter in September.
The whole payments industry is going through a series of transformations. One of these transformations is in the way people pay. Now, with the advent of NFC, smart chips, Google Wallet, Apple Pay and many more, people prefer to pay without cash and cards. Contactless payments are something everyone prefers compared to carrying a wallet to pay at the POS terminal.
Contactless payment systems are devices that use radio-frequency identification (RFID) or near field communication (NFC) to make secure payments. Contactless payments have been around since 1997, mobile being one of the early adopters. Since then, major players in the industry have begun adopting this technology considering the amount of effort and resources that have been saved.
Every now and then, we hear about new wallets which support contactless payments coming into the market. But there is something new which is knocking on the door.
Kerv is a unique contactless payment ring which doesn't require to be paired with a smartphone to make a payment; it works on its own. Kerv can be used to make payments globally wherever the contactless payment symbol is displayed. The user is not required to have a card, PIN, signature, bank account or a smartphone.
Contactless technology is going through such a huge acceptance phase that many companies are coming up with new wearable devices that adopt this technology to make the life of users easy.
In June 2015, Barclaycard-the leading credit card issuer in the UK-launched a new bPay-branded wristband, key fob and sticker. Anyone having a Visa or MasterCard-registered debit or credit card can use it to make contactless payments by attaching the sticker to the phone or attaching the fob to one's keys.
The UK is becoming one of the emergent countries to support contactless payments. According to the UK Cards Association, the number of contactless payments more than tripled in 2014 with the UK public spending around 2.32 billion.