Innovative contactless payment ring released by PSI-Pay and Kerv
PSI-Pay is o...
PSI-Pay and Kerv Wearables have teamed up to release the world's first contactless payment ring to be released on the global market.
PSI-Pay is one of the UK's leading financial technology companies, while Kerv is an important innovator in the alternative payments industry.
PSI-Pay has the benefit of a MasterCard licence, enabling users of the Kerv contactless payment ring to pay in 38 million locations worldwide. Kerv users can fund their account via debit or credit card, bank transfer, or PayPal, using either manual load or auto top-up services. Kerv users can also 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 added: “With Kerv 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.”
He continued: “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 have demonstrated that clearly through our work with them, and we would not be able to bring Kerv to market without their support.”
The Kerv contactless payment ring exceeded its target on Kickstarter in October 2015, and has received global media coverage. It has also won a host of awards, most recently the Temenos Innovation Jam in front of a global banking audience.
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IMF: Variants Can Still Hurt Manufacturing Recovery
After a year of on-and-off manufacturing in the US, UK, and the eurozone, demand for goods surged early last week. Factories set growth records in April and May, suppliers started to recover, and US crude hit its highest price point since pre-COVID. As vaccination efforts immunise much of the US and UK populations, manufacturers are now able to fully ramp up their supply chains. In fact, GDP growth could approach double-digits by 2022.
Now, the ISM productivity measure has surpassed the 50-point mark that separates industry expansion from contraction. Since U.S. president Biden passed his US$1.9tn stimulus package and the UK purchasing managers index (PMI) increased to 65.6, both sides of the Atlantic are facing a much-welcomed manufacturing recovery.
Lingering Concerns Over COVID
Even as Spain, France, Italy, and Germany race to catch up, and mining companies pushed the FTSE 100 index of list shares to a monthly high of 7,129, some say that UK and US markets still suffer from a lack of confidence in raw material supplies. Yes, the Dow Jones has made up its 19,173-point crash of March 2020, and MSCI’s global stock index is at an all-time high.
Yet manufacturers around the world realise that these wins will be short-lived until pandemic supply chain bottlenecks are solved. If we keep the status quo, consumers will pay the price. In April, inflation in Germany reached 2.4%, and across the EU’s 19 member countries, overall prices have increased at an unusual pace. Some ask: Is this true recovery?
IMF: Current Boom Could Falter
Even as Elon Musk tweeted about chip shortages forcing Tesla to raise its prices, UK mining demand skyrocketed; housing markets lifted; and the pound sterling gained value. The International Monetary Fund (IMF), however, cautioned that manufacturing recovery won’t last long if COVID mutates into forms our vaccinations can’t touch. Kristalina Georgieva, Washington’s IMF director, noted that fewer than 1% of African citizens have been vaccinated: “Worldwide access to vaccines offers the best hope for stopping the coronavirus pandemic, saving lives, and securing a broad-based economic recovery”.
Across the globe, manufacturing companies are keeping a watchful eye on new developments in the spread of COVID. Though US FDA officials don’t think we’ll have to “start at square one” with new vaccines, the March 2021 World Economic Outlook states that “high uncertainty” surrounds the projected 6% global growth. Continued manufacturing success will in large part depend on “the path of the pandemic, the effectiveness of policy support, and the evolution of financial conditions”.
Mathias Cormann, secretary-general of the Organisation for Economic Co-Operation and Development (OECD) concurred—without global immunisation, the estimated economic boom expected by 2025 could go kaput. “We need to...pursue an all-out effort to reach the entire world population”, Australia’s finance minister added. US$50bn to end COVID across the world, they imply, is a small investment to restart our economies.