The world of wearable payment technology, or paytech, has a new addition: RingPay 2. It’s a sleek and refined ring that is Visa-powered and designed to revolutionize the payment experience like many of the innovations before it. The British wearable paytech company has integrated cutting-edge technology into a simple accessory, transforming it into a contactless payment device that requires just a wave of the hand to operate.
RingPay 2: Contactless Payments at Your Fingertips
While it might seem like a gimmick at first glance, the RingPay 2 integrates seamlessly with existing Visa or Mastercard through a dedicated mobile app. Moreover, it combines convenience and durability with a scratch-resistant, water-resistant, and hypoallergenic design. Taking things even further, it is designed to be waterproof and scratch resistant, allowing it to be worn in everyday life without concern.
The RingPay 2 offers a multitude of unique features. RingPay Rewards provide cashback on purchases at participating retailers, and RingPay Giving makes charitable donations effortless. Users can manage funds with the Auto Top-up feature, temporarily block their account if the ring is misplaced, and manage up to four rings from one app. The technology also offers enhanced security with the option of setting up a personal identification number (PIN) for high-value transactions and biometric logins.
Mobile Payments and Digital Wallets: The Rising Trend
But why is it an interesting innovation? The global market for mobile payments and digital wallets is rapidly expanding, with contactless payment technology emerging as a preferred mode of transaction for many people. As of 2022, there were more than 780 million users of contactless mobile payments technology worldwide, and the number is projected to exceed 1 billion by next year.
In the UK, McLEAR’s home market, contactless payments currently make up 32% of all transactions, according to the industry body UK Finance. Debit cards are the primary payment method, making up 48% of payments, while cash transactions still hold a considerable share of 15%.
Other Players in the Wearable Paytech Market
The wearable paytech market is home to a diverse range of players, each offering unique products. Companies like NFC and Kerv Wearables have introduced wearable paytech solutions like bracelets and key chains. Moreover, smartwatches, another significant segment of wearable tech, have added payment capabilities to their features. Prominent examples include the Samsung Gear S3, equipped with Samsung Pay, and the Apple Watch with Apple Pay.
In addition to watches and rings, wearable paytech also extends to payment wristbands. Disney’s Magic Band and Universal’s TapuTapu wristbands serve as examples of this technology in the entertainment industry, providing users a seamless payment experience at their respective theme parks.
The Future of RingPay 2 and Wearable Paytech
As societies worldwide gradually transition towards a cash-free lifestyle, the concept of ‘pay-by-ring’ will encounter acceptance challenges amid existing payment methods. However, RingPay has its distinct advantages. It eliminates the need for carrying a smartphone, making it a standalone payment device offering ultimate convenience and peace of mind. Moreover, it is safe when traveling, potentially the last item stolen without your notice.