Ranging from e-money through Google Wallet, we've seen a lot
of efforts in creating an alternative to cash. They are made for specific
functions: Simplify the payment processes and minimize the risk of loss. But
Philip Campbell is promising a solution for transaction without using any card,
Bank PIN, or even smatphone.
The British developer utilizes an unusual approach: a ring
called Kerv. Its appearance is as simple as how to use it. You just need to
wear the Kerv ring in the finger, and it is compatible to 38 million locations
of 'contactless' payment worldwide. By using it, you don't need to bring any
device to make a payment.
The outer part of Kerv is made of zirconia ceramic. It is
one of the strongest materials on earth, anti-scratch, very light and almost
never cause allergic reactions. The material is often used by NASA, surgeons,
dentists, and even for the construction of nuclear reactors. The ring has a
shiny gloss surface. And on the inner side, Kerv carries hard resin to seal the
electronic components.
Kerv stores the NFC chip which will soon be active when it's
brought near to the contactless reader unit. The reader is detecting the Kerv
ring as regular payment card, read the encrypted data, and then authorize the
transaction. The amount of money is taken from Kerv's prepaid account, and
every detail of financial transaction is always recorded. You can only withdraw
money that's stored there, avoid consumers from debt.
Kerv also provides an automatic top-up feature; it's
connected to a bank account via debit or credit card so that the top-up process
can be done easily and practically. Its contactless payment amount is limited
at US $ 25, and you are given an option to use Kerv MasterCard for transactions
above it - works like a prepaid card, not a credit card. Furthermore, the
number of Kerv ring that can be integrated with a card is also not
limited.
After entering the Kerve account in the Kerv application (or
via browser), you can send money to friends or family, pay bills, to connect
several different rings, to open the data and configure notification of transaction.
Kerv is guaranteed to be safe; active only when it's brought near to the reader
unit, the purchase data is always recorded. Because it is always plugged into
the finger, the threat of theft or cloning attempted is very small.
You can order the Kerv ring through Kickstarter for £ 35,
with a complete choice of sizes. If the fund target can be reached, the
shipping will be done in April 2016.