Despite several attempts from various tech companies to create a “high tech” ring, so far none have really connected with the larger consumer market. But that is not stopping Visa from trying something out with a limited number of users, and that is an NFC enabled ring that becomes a contactless payment device. They will be doing a test run at the upcoming Rio 2016 Olympics this August, but no word yet if they plan to release it to a wider audience if it becomes successful.
The ceramic ring will function like your Android Pay or Samsung Pay on your smartphone. The difference being that all you need is the ring and a payment terminal. There is a microchip in the wearable where your credit card details are saved. And so when you need to make a payment, you just put it near the terminal as if you would swipe on it, and then the transaction should be made.
Visa is the official partner of the upcoming Olympics in Brazil, and so they decided to try it out at the world’s biggest sporting event first. Around 45 athletes, of course the ones that are sponsored by Visa, will be given these rings and they will be able to use it at various venues that would have credit card terminals. Since athletes often change clothes and venues, they sometimes lose track of their wallets. At least with this ring, they can still make payments transactions anywhere.
Visa also hasn’t stated yet if they plan to do mass production for these rings eventually. They might also just consider making it available in other wearables that would support contactless payment technologies.
VIA: SlashGear
