The past decades have witnessed how technology takes longer strides every year in improving the convenience of day to day activities disrupting the user experience and interactions. Payment has not been an exception for this, seeing steps being taken from cash to plastic cards with a magnetic band, followed by enhanced security through cards with chip leading us to today’s contactless payment with cards that feature a built-in antenna. PSI Pay in partnership with Kerv has been working in taking contactless payment to a new level introducing wearable technology in their first in class conactless payment ring.
Through all the moments of payment from cash to contactless and online, security concerns arise and these concerns need to be addressed both from a company perspective, as well as from an individual’s responsibility of keeping their information safe. With PSI Pay and Kerv’s new technology, a series of steps have been taken to safeguard the consumer, as well as some user recommendations to stay secure.
The first layer of protection is the physical proximity necessary to interact with the contactless payment method. The technology used is known as Near Field Communication, which requires the reader to be under an inch apart from the card or ring. Furthermore, the user can utilize a screening wallet that completely blocks any unwanted communication with the card. PSI Pay and Kerv’s ring has the added protection of the ring being able to be turned off to avoid any unwanted communication.
Contactless payment offers a two-step validation. The technology is equivalent to that of the PIN without the inconvenience of remembering codes, nor waiting for the card to be authorized. The card generates a unique code that then the reader has to verify.
Another layer of security for the consumer is the zero liability policy for the cardholder in the case the card is utilized by an unauthorized party.
Lastly, PSI Pay and Kerv recommend their users to frequently check their transactions on the banking app. Notifications can be easily setup, and early identification of potentially fraudulent transactions can minimize the risk to the consumer.