Visa has unveiled the latest prototype of its new wearable payment ring, which will be trailed by sponsored athletes during the 2016 Olympic Games.
The likes of Apple Pay and Android Pay have set a new buzz in the mobile payment industry, and now Visa wants in on the action with its new prototype wearable payment ring.
The company unveiled its new device during an event in New York on Thursday, where it will now enter a trial phase on the ring fingers of several sponsored athletes during the 2016 Olympic Games which will occur in Rio de Janeiro this August. Read: MasterCard thinks millennials want to buy stuff by taking selfies
Visa’s wearable payment ring is based on McLear and Co’s design for an NFC ring; the device incorporates a small, secure chip with an NFC-enabled antenna.
Using Visa’s Token Service, the wearable payment ring will be able to authorize transactions without the need to transfer a user’s account information. According to the Visa itself, the ring won’t need to be taken off, nor will its batteries need to be replaced or recharged at regular intervals. Luckily, the device is also water-resistant, and will survive depths of up to 50 meters.
In a statement to Digital Trends, Chris Curtin, Visa’s chief brand and innovation officer, stated that “The host nations sit back and say you‘re going to see the best of China, the best of Greece, you‘re going to see the best of Brazil “” and we‘re not only going to show you our history, but we‘re going to show you what we believe our future will be… And somewhere in that mix creatively, I think that there‘s a lot of latitude to sit back and say, “˜Well, let‘s show you the future in payments.'” Read: Facebook announces payment services through Messenger What are your thoughts on Visa’s new wearable payment ring? Would you be willing to wear one in your day to day? Be sure to let us know your opinion in the comments below!
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Source: Digital Trends