When NFC technology was introduced to smartphones, companies and users envisaged an age where anyone could tap phones to exchange information or tap a bay when buying those essential groceries. Rather than go through the process of taking out your wallet and scrummaging for change, hooking up an account to one of the various NFC wallet apps was seen as more manageable. However, you still had to reach into your pocket for your smartphone. VISA hopes to eliminate that excruciatingly elaborate process by creating a wearable ring that can be used to make purchases.
Witticism aside, the NFC-enabled ring was introduced yesterday, and will permit VISA athletes to make purchases by simply tapping their ring at NFC-capable payment terminals at the Olympic & Paralympic games in Rio. The ring uses the patented NFC Ring® design of McLear & Co. that includes a secure microchip made by Gemalto, with an embedded NFC-enabled antenna, enabling contactless payment capabilities. Unlike many other payment wearables, the ring does not require use of a battery or recharging which is a fantastic feature considering that having NFC enabled on your smartphone drains the battery quickly. Furthermore, it is also water resistant to a depth of 50 meters, letting athletes wear it whilst swimming.
VISA also demonstrated an advanced prototype version of the Visa payment ring, which uses token technology provided through Visa Token Service, making it the first tokenized payment ring. Visa’s token technology replaces sensitive payment information, such as the 16-digit account number, with a unique digital identifier that can be used to process payments without exposing actual account details, furthering user security.
“VISA’s first payment ring puts smart payment technology right on the hands of our athletes for convenient and easy payments. This ring is the latest example of how VISA is continuously innovating to deliver on its goal of universal acceptance at the games and across the world.”
– Jim McCarthy, Executive Vice President of Innovation and Strategic Partnerships at VISA Inc.
Source: VISA
