The evolution of technology has brought about significant changes within the society. One of the key aspects that have been affected is the mode of making payment within the business arena. Recently, the research conducted by British Retail Consortium shows more than half of all the purchases in Britain are currently done using the credit cards. The current partnership between PSI-Pay, Kerv Wearables, and its affiliate indicates the end of using cash as a means of payment. The domination of the cashless payment will be aided by the two companies and other affiliates who are championing of the release of first contactless payment ring to the global market. In the UK the number of the stores accepting the cashless payment is increasing meaning that digging in your wallet to splash cash or punching your pin number will be a thing of the past. One of the key advantage of using the contactless money is the easiness in making payment since you access using the device at your own hand.
The latest research shows that for the first time in history, the use of cash and coins have been overtaken by the use of cards, through the affiliates of Kerv’s contactless payment ring for the first time is threatening the traditional means of payment such as coins and notes. Contactless payments or wave and pay has been in existence for more than ten years and recently accounts for more than a third of all the payments made in the UK as at 2015. The Church of England has not been left behind by the new mode of contactless payment. As a result, the church has jumped in and is taking part in the piloting of the contactless payment where more than forty churches are receiving donation using the approach. Contactless payment uses debit, credit or smart cards as a mode of payment for services and goods. The company behind the contactless payment is PSI-Pay, and it also offers the system. For contactless payment to operate efficiently, Kerv provides backup through the development of the proprietary ring. The proprietary ring is designed for both durability and comfort since they come into twelve different sizes catering for both genders. Despite the numerous challenges affecting the e-commerce, measures have been put in place to ensure the customers are protected.