The makers of CNICK have succeeded in developing a really serious smart gadge...
The makers of CNICK have succeeded in developing a really serious smart gadget. In the CNICK test, it was first and foremost the form factor that gives the ring even more user convenience than the payment process via smartphone or Apple Watch. This is not only because the ring is always worn on the finger. On top of that, you do not have to worry about the battery running out because the NFC chip always works read full review
A wearable paytech company has launched a Visa-powered ring that lets you pay for goods and services – but it raises the question, how far will wearable paytech go and do consumers actually want to pay for goods and services using their jewellery?
Described as “sleek” and “refined”, McLEAR’s RingPay 2 will allow users to complete transactions using nothing more than a wave of their hand.
It can be connected to any existing Visa card or Mastercard using the ring’s purpose-built mobile app, meaning it can be used anywhere that existing contactless technology is accepted – including public transport, bars and restaurants, and major grocery stores. It has no battery and it's waterproof – so you don't have to worry about getting caught in the rain, or removing the ring every time you wash your hands.
It’s actually the second generation of McLEAR’s RingPay technology, re-released to improve the ergonomic design and improve the functionality.
There’s no doubt that mobile payments and digital wallets are surging in popularity, driven by their convenience. During the COVID-19 pandemic, they were seen as an added layer of hygiene too, and their increasing adoption has continued ever since.
Contactless payments now account for 32% of all volume in the UK – McLEAR’s home market – according to the industry body UK Finance. This includes “continuing growth in popularity of mobile contactless payment services such as Apple Pay and Google Pay,” UK Finance notes. This figure would include wearable tech; about 15% of Brits and 20% of Americans are believed to own some sort of wearable like a smart watch, which have payment capabilities linked to a physical or virtual card.
When it comes to other payment methods, 48% of payments in the UK are made using debit cards while 15% still involve cold, hard cash.