Sweden may well be the one country in the world that is leading the charge toward cashless societies. Swedes use very little cash, and companies like PSI-Pay, and their affiliate Kerv Wearables, are leading us to believe that cashless payments will dominate the market soon enough. Cashless is already gripping the world, but PSI-Pay takes this one step further and are betting that “contactless” payments will be the wave of the future, and rightfully so. Money is expensive to print and is a dirty commodity. In fact, Kerv has a contactless payment ring that is already posing a threat to traditional payment systems in the UK.
With venerated institutions like the Church of England jumping on-board, creating electronic terminals for collecting cashless donations, there is growing comfort in cryptocurrencies and their relatively traceless transactions. Some security concerns speak of technology, loop holes, tracing information and how there are vulnerabilities around every corner. Others go as far as to say the only way to truly protect oneself is to use “prepaid” credit cards for online, cashless, and contactless transactions.
That seems antiquated, and with credit card companies, banks and systems like Apple Pay perfectly established to thwart fraudulent efforts, going back to taking cash to a big box store to buy a prepaid credit card seems like talking about rolling up car windows and mailing checks to pay bills. Everything is changing very fast, and companies like PSI-Pay are paving the way to the future solidifying social media and banking.
What we once thought of as privacy and protected personally identifiable information are now just scary words fear mongers use to paralyze those who can be frightened. Social security numbers are rather easy to obtain, and names, addresses and phone numbers are all over the internet. Contactless transactions are likely here to stay, so no more clinging to social security numbers and credit card numbers; your iris is likely to become your new personally identifiable source of information, and that cannot be stolen or duplicated.
Biometrics is the new, very safe frontier. Soon we will be contactless, blinking into our cameras on our computers so as to effect payment for a transaction. In this we can all take solace, because this is the most terribly secure way of transacting if ever there was one.
Read about other PSI Pay news on their crunchbase profile: