Before banks people had to keep all their money with them, and people could break into their homes and rob all valuables--money included. For those with any appreciable amount of money, it made sense to allow a secure establishment to hold their money for them. Banks made opening an account with them attractive by giving interest for the money deposited. So naturally people used banks to keep their money secure and grow their money.
However, people still had to go to the bank and withdraw money whenever you needed to pay for something, so checks were invented. Checks provided a means for you to pay for things without having cash, but the unfilled check is worthless. Unfortunately, people started abusing checks and would overdraw funds and they would get hit with a fee, or a fake check would mean the business would have to take on the lost.
Advancements in computing allowed people to transition to electronic payments cards (debit and credit); this invention allowed for payment of goods and services and the transfer of money instantly. However, credit- and debit-cards are stolen and used before the bank invalidates the card. Kerv is a NFC ring that allows for electronic payments and is superior to a card for multiple reasons. Here's their video so you can start thinking about those reasons...
PROS:
- No more reaching into your pocket to pay for things (whether it be your NFC phone or wallet)
- Stays ever present; you can keep it on at all times.
- It's waterproof
- Can interact with other NFC devices
- Extremely difficult to steal off your person
- In case of unlikely theft you can turn it off via phone or online account
- Not likely to be lost or left places (I've lost my card 4 times personally)
- No batteries required
- No pin required
- lots of sizing options
- Only $54
CONS:
- NFC enabled pay-stations are not everywhere (remember it was that way for credit cards too!)
- $25 purchase limit for US* ( more for other countries)
- Expires every three years (free renewal if a Kickstarter backer)
- Only two designs
- Paying at restaurants may be a little bit of a hassle.
*Allows you to link a prepaid MasterCard for larger purchases
Would I Buy It?
Yes, I'm even considering backing it now since I'll get free renewals.
Similar Products (you can't pay with them):
Thought of another way to use it or a problem with it? Put it in the comments, thanks!
