A big stone on your finger isn t going to be the only thing worth a lot of cash as Visa has introduced an NFC-enabled ring you can make payments with. The ring can be used at NFC-capable payment terminals to make digital payments. It is similar to Apple Pay and Android Pay but you won’t require devices like your smartphone or smartwatch, and instead use the ring which is more convenient. Also Read - Xiaomi Mi Band 4 with NFC coming out of China with Mastercard supportAlso Read - NFC will soon let you wirelessly charge your earbuds and wearables, thanks to new WLC standard
The ring uses the patented NFC design of McLear & Co. Ring, which has a microchip from Gemalto and an embedded antenna. The two striking features of this payment ring are that it does use a battery and it is waterproof up to 50 meters. The ring works under the Visa Token service which replaces the sensitive payment details of the card with a unique digital identifier thereby not exposing the actual account details. Like other NFC-enabled gadgets, you just need to tap your ring to the payment terminal and the payment will be made.
Visa, which is also the exclusive payment provider of the Olympic and Paralympic Games, will launch the payment ring at the upcoming Rio Olympics. It will be given to all the 45 athletes representing the Team Visa. In Rio, Visa will install approximately 4,000 NFC-enabled POS terminals that support mobile and wearable payments across key Olympic venues, the US Olympic Committee s USA House, and Copacabana Megastore.
This new innovation is only exclusive to the Rio Olympics 2016 as of now and is unlikely to see a full-fledged commercial roll out. While Visa may have attempted to highlight the potential of the NFC-enabled payment systems, it could also decide to render this service to other wearables in the future.Visa’s payment ring is not a unique product as there are numerous smart rings with NFC support available online. There’s a similar
Visa’s payment ring is not a unique product as there are numerous smart rings with NFC support available online. There’s a similar Kerv ring that lets you make contactless payments. The Kerv ring though has to be loaded with money via the Kerv website or the app.