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

SOURCE: NFC Ring, Infineon