Smart payment rings offer an efficient, secure way to make transactions. Users hold their hand over a tag reader, which is programmed with their bank information. The withdrawals occur automatically because smart payment rings literally cannot work without a security chip; they’re a fantastic way to keep your information safe from thieves and hackers. Since transactions are virtual, they pave the way for universal or cryptocurrency systems to be used. These rings first began to garner media attention when a similar product was used by Olympic athletes at the Summer Games in Rio de Janeiro in 2016.
This is a somewhat futuristic-feeling alternative to a debit card or even paying on a smartphone. Having begun as a Kickstarter campaign, the rings are now being introduced to the public. You might think that wearable tech always runs on the expensive side, but payment rings are available from some companies for only about $50. They open an entirely new course for the future of transactions. 
How do Smart Payment Rings Work?
The technology behind smart payment rings isn’t new. However, it’s a different way to use it, opening many new opportunities for the future of wearable smart technology. These rings use both NFC and RFID technology. They also rely on electromagnetic waves to carry out their functions, so the rings don’t need batteries. Users can set their preferences and information during an initial setup via smartphone. This includes their personal bank information, as well as the parameters of their activity and more. After setup is complete, there’s no longer any need for a phone since the payment ring operates on its own in the same way a debit card does.
Near-field communication (NFC): This technology, as the name implies, is a way of allowing two physical, preprogrammed objects to communicate with one another from proximity. It’s actually the same sort of technology that can be found in a keycard. However, this is the first time wearable tech has been paired with a widespread way to secure transactions.
Radio-frequency identification (RFID): Another long-used technology works via electromagnetic fields to track and store objects and information. RFID tags can be found across hundreds of industries. They track warehouse orders, label car parts for safety regulations, and microchip everything from cattle to housecats. They automatically scan and read the embedded tags in their vicinity, such as in a payment scanner.
Smart Payment Ring Capabilities
Smart rings use both NFC and RFID technology to make payments in person and in real-time, almost exactly how a debit card works, if with slightly different technology. As with most smart technology, that isn’t all there is to NFC and RFID payment rings. They both rely on the excitation of the antenna and chip to function. It’s not necessary to keep the data on the ring but in the cloud. Payment rings are generally banking controlled via EMV, which is a certification that allows banks to do this process. NFC rings are also used for time and attendance, such as crowd control activities like concerts and races. Their transaction and information-sharing capabilities are being used for new devices that will make life easier and more secure.
We recognize the emerging NFC and RFID opportunities for new payment formats, and we’re already consulting with companies in this industry to incorporate our solutions into different types of formats. Our current RFID solutions come in many different forms, such as wristbands and key fobs. Some of our tags have waterproofing options, which enables them to be exposed to the elements. This makes our tags ideal for every application, especially those requiring the user to wear them. Our RFID tags can be programmed for specific functions to make it easier to put them in your system. They come in HF and LF frequencies, with some options for UHF, as well.
Backed by 40 Years of Expertise
We contribute our 40 years of design and manufacturing expertise spanning multiple diverse markets. We look forward to discussing how we can deliver world-class products for OEMs across the globe. We understand our home Indian market, familiar with its vast regulatory and selling environments. We foster growth opportunities within India through our strong technology incubation ecosystem. We also assist global OEMs in entering the Indian market by leveraging the local supply chain and favorable operating environments for cost reductions.
Our flagship Chennai location opened in 2006 and lies within a Special Economic Zone (SEZ) for electronics manufacturing, offering economic incentives for imports and exports. This primary facility is within 90 minutes of the Chennai seaport and 20 minutes to the international airport. Additional road and rail connectivity links to the rest of India and beyond and infrastructure advantages with faster import and export clearances. We also have labor force flexibility, both technical and manual, to scale to demand rapidly.
To learn more about this topic, please contact us.