At the recently concluded Rio Olympics, Visa tested out the NFC payment ring contactless payment device. We didn’t keep track of the experience but we may be able to see for ourselves as the NFC Ring that uses Infineon security chip is now available. This special ring allows anyone to “bring money” sans the smartphone, smartwatch, or even an actual physical wallet.
A digital, hi-tech ring is something a lot of people have probably imagined years ago. So far, there’s the Omate smart ring, the Fin, and the Nod gesture control ring. We also saw patents filed by Samsung and Google. The idea has always been out there but only a few startups have actually pushed them to production. NFCRing Inc. finally did and so this payment ring that’s EMVCo compliant–a first in the world–is now up for grabs. With this ring, you can pay for that coffee or whatever whenever you’re out.
The ring takes advantage of Near Field Communication technology to send data over very short distances. The NFC Ring also uses the Infineon security chip to meet the contactless performance requirements of EMVCo. The ring allows people to “have a secure and convenient, payment experience with a fashionable accessory in an attractive design” according to NFCRing Inc.’s CEO Shelly Silverstein.
Cashless payment is made more convenient, faster, and easier with the NFC Ring. It’s guaranteed safe and secure as made possible by Infineon’s Secure Mobile & Transaction’s technology. With this development, we’re guessing other companies will follow suit maybe not with another ring but perhaps other wearable forms like maybe a more stylish bracelet or a necklace.
NFC Ring costs GBP 39.99 which is about $53 in the US. Buy from the NFC Ring Online Store
How to you authorize a payment with this? With all the smartphone NFC payment solutions I’ve used you need either a pin or fingerprint having been entered within the past few minutes. What’s to stop someone from shaking your hand with an NFC reader in their sleeve?
Other than paying a surcharge to yet another financial go-between (Apple and Samsung) I always wondered why folks thought that it was easier to drag their phone out of the pocket/purse in lieue of a credit card. That said, this ring thing makes some sense as you can pay your surcharge to Apple and Samsung without dragging out your phone but it will still provide marketable data in the meantime.
Fight for the right to pay cash willya? The powers that be hate it because they cannot effectivley track or profit from the transactions.