Are you worried about taking your wallets or cards to the beach or the gym? Now all you need to do is swipe or tap your payment ring and easily make payments anywhere on-the-go. NFCRing Inc. has developed the world’s first contactless payment ring which allows users to pay by simply holding their finger with the ring closely to any EMVCo contactless-enabled payment terminal.
The ring features an energy-efficient security chip from Infineon and uses NFC (Near Field Communication) technology to communicate data over short distances of a few centimeters.
“The Infineon security chip is the only solution available on the market, that allowed us to realize the NFC payment ring while still meeting EMVCo’s toughest contactless performance requirements,” said Shelly Silverstein, Chief Operating Officer at NFCRing Inc. “NFC Ring users now have a secure and convenient, payment experience with a fashionable accessory in an attractive design.”
“Our chip technology makes paying with smart wearables as functional as paying with the well-known bank card, but also much more convenient,” said Thomas Rosteck, Vice President and General Manager of Infineon’s Secure Mobile & Transaction business line. “Proximity payments based on NFC technology are clearly on the rise – and payment solutions with smart wearables will accelerate this trend with consumers not even having to reach into their pockets to pay.”
The ring overcomes several development challenges such as the small surface area and dimension as well as the shape of the ring, the absence of a battery with smart wearables, and contactless data transmission without taking the wearable off the finger making contactless transactions more difficult.
The security chip communicates via its tiny passive antenna with the terminal, triggers the secured payment and does cryptographic processing. The device complies with timing requirements of a few milliseconds whilst working at a distance of up to 4cm from a reader, Infineon says.
The ring is available for order worldwide for GBP 39.99 via the website www.NFCring.com. For further information, view the full Press release.