VISA's New Payment Ring Allows Consumers to Buy Things with Their Jewelry
Katherine Pendrill — June 6, 2016 — Lifestyle
References: businesswire & fool
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.
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.
Trend Themes
1. Wearable Payment Systems - VISA's new payment ring is part of the growing trend of wearable payment systems, offering a convenient and secure alternative to traditional payment methods.
2. Nfc-enabled Technology - The integration of NFC-enabled technology in VISA's payment ring showcases the trend towards making contactless payments easier and more accessible for consumers.
3. Mobile Payment Adoption - VISA's payment ring represents the increasing adoption of mobile payment solutions, indicating a shift towards a cashless society and potential disruption in traditional payment processes.
Industry Implications
1. Jewelry Industry - The introduction of VISA's payment ring creates new opportunities for the jewelry industry to integrate technology and offer innovative, functional jewelry designs.
2. Retail Industry - The rise of wearable payment systems like VISA's payment ring presents disruption opportunities for the retail industry to adapt their point-of-sale systems and provide seamless, frictionless payment experiences.
3. Fintech Industry - VISA's payment ring showcases the potential disruption in the FinTech industry, challenging traditional banking methods and encouraging the development of innovative, secure mobile payment solutions.
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