PSI-Pay and Kerv partner to release the world’s first contactless payment ring

PSI-Pay and Kerv Wearables have announced they are partnering up to enable the world’s first contactless payment ring to be released to the global market.

PSI-Pay is one of the UK’s leading regulated Fintech companies, providing digital account and payment card facilities to the international market and Kerv is one of the leading innovators in the alternative payments industry.

The partnership utilises PSI-Pay’s MasterCard licence, which will enable users of the contactless payment ring to pay in 38 million locations worldwide. 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, 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: “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.

“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 has demonstrated that clearly through our work with them and we would not be able to bring Kerv to market without their support.”

The 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.

Pre-orders are now available for £40 – a discount of 20% off the price after release. The product is currently due to ship in July.