Forget Cards and smart phone payments, pay via VISA NFC Rings

Previously, payment is done by hard cash which is substituted by card payment with the innovation of technology and in further development technology gave us mobile banking which enable us to pay via smart phones. Now, technology is moved further, soon cards or smart phones payments is substituted by payment via Rings.
Visa has just launched an NFC-enabled ring you can slip on your finger and use to make contactless payments.
Visa’s NFC ring features a secure microchip manufactured by Nertherlands-based security firm Gemalto alongside an embedded NFC antenna, which together allow for contactless payments.
The device uses tokenisation technology for making secure payments. Instead of relying on any identifiable account details such as the 16-digit card number, Visa’s Token Service replaces this with a unique digital identifier or “token” to process payments. This means sensitive banking details remain hidden during the transaction.
Other than that, the ring works much like a contactless card or mobile payment systems like Android Pay: simply hold the ring over an NFC-enabled payment terminal for a few seconds and the payment is processed automatically.
A prototype of the ring was unveiled at an event in New York City on 2 June, and will be handed out to Team Visa athletes at the Rio Games this summer. The experimental device will be trialed by athletes at the 2016 Rio Olympics, which kicks off on 5 August.
An Olympic athlete and US Olympic gold medallist Missy Franklin, said: “As an Olympian, rings have a special meaning to me. The Visa ring is a great innovation that I know all the athletes competing in Rio will enjoy as it will be great to go from a competition to purchase without having to carry a wallet or card.”
Unlike traditional payment-making wearable, however, the ring doesn’t require a battery, meaning it never needs to be recharged. As an added bonus the ring, which has been designed by UK-based start-up McLear & Co, is waterproof up to 50 meters.
“Visa’s first payment ring puts smart payment technology right on the hands of our athletes for convenient and easy payments,” said Jim McCarthy, executive vice president of innovation and strategic partnerships at Visa. “This ring is the latest example of how Visa is continuously innovating to deliver on its goal of universal acceptance at the games and across the world.”