The Payment Ring – How making payments have evolved..
In just under a hundred years, payment cards have evolved into a Payment Ring.
But how did it all start?
Payment cards were originally created in the 20’s for customers of individual businesses. They could use their card to buy from that one company (what we’d refer to now as a store card). It took a decade to create a universal payment card that could be used in stores for taking payments.
When were contactless cards introduced?
In today’s society, we use payment cards for the majority of in-store purchases. In 2007 they introduced contactless cards, where you can tap your card onto a card reader without taking neither a pin nor signature – providing its under £30. It took just under a decade for the public to embrace it and stores to accept that form of payment.
When the contactless card was first introduced, there was a lot of speculation as to whether it was safe. Initially you could make contactless payments of anything up to £20, but due to its popularity in the past couple of years, they increased it to £30. The card reader can only accept contactless payments when the card is very close to the screen. The reader also has to be ready to take a payment. Only one payment can be accepted at a time before the transaction is approved and therefore complete.
When was The Payment Ring introduced?
In 2015 Kerv created the first contactless payment ring. The idea behind it being, that you don’t have to worry about bringing out your wallet or rummaging through your bag to find your card, as your ring is simply on your finger. With a simple fist pump action with the card reader, your payments accepted – it’s as simple as that! With there being a huge increase in places that accept contactless payments, The Payment Ring is now accepted on London transport, in petrol garages and many more.
Buy your Payment Ring here
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