VISA recently announced that it will be rolling out a new payment ring that will allow consumers to make hands-free purchases with their jewelry. With more consumers leaving their wallet at home, this smart ring could change the face of mobile payments.
Upon first glance, VISA's new payment ring appears to be nothing more than an ordinary metal band. Despite its unassuming appearance, the ring is actually equipped with a microchip that is embedded with a NFC-enabled antenna. This means that when a consumer waves their hand over an NFC-enabled payment terminal, the machine will process the purchase the same way that it would with a smartphone. Not only is the system more convenient for consumers, but it is also more secure than a credit card because it replaces sensitive payment information with unique digital identifiers.
Set to make its debut this summer, VISA's new wearable payment system could help consumers ditch physical wallets once and for all.
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