Intesa Sanpaolo launches a wearable payment ring
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Intesa Sanpaolo has created and rolled out a wearable payment solution in the form of a ring, which will allow customers to make payments at checkouts simply by tapping it.
The Italian bank created the ring in collaboration with Mastercard, one of the world’s two largest credit card providers. However, the ring itself was developed by a company called Tapster, which is a Sweden-based fintech firm.
How does the new wearable payment ring work?
The ring is made of shockproof wood in combination with ceramic. Also, the bank says that it does not require any battery charge or even an internet connection in order to work. Instead, it uses a built-in NFC chip that allows it to perform simple actions, like paying using a credit card.
The bank also explained that the ring is shipped in an inactive state alongside a QR code. Once it arrives to the user, they can scan the code, and activate the product. The bank stressed that this can be done only by the cardholder and that authentication is done through the Intesa Sanpaolo Mobile app.
After that, the rest is simple. Customers can simply go to any store, do their shopping, and complete the purchase in contactless mode. All they need to do is simply bring the ring close to the POS, just like they would do with physical cards and smartphones.
The payment ring has already shipped out to some customers in Europe, and Mastercard’s research has shown that they prefer it over other contactless payment methods. The card issuer says that the ring is the most preferred method by far (89%), followed by smartphones (49%) and only then payment cards (44%).
The ring will eliminate the need for cash or card
Mastercard’s head of marketing for Italy, Luca Fiumarella, commented on the new wearable, stating that the payment ring represents the next step toward the adoption of the Internet of Things (IoT) solutions. With IoT, wearables and accessories will not only help individuals build their own unique style, but also serve as tools that will often play a secondary role.
The ring is a perfect example of that, as it will allow its users to simplify an aspect of their daily lives with a simple gesture. Thanks to the fact that it doesn’t require the internet or charging, users do not have to ever take it off. And, if they don’t take it off, they will always have a handy way of making payments at any store.
Even if they forget their wallet or phone, the ring will stay with them throughout the day, ensuring that they will never again have to think about whether they have money or another payment in their pocket.
