Pay by ring, with contactless security chip
Pay by ring is another option for shoppers, as they can hold a finger wearing a ring by NFCRing, close to payment terminals.
The EMVco-compliant payment ring is claimed to be the first available, and is based on a contactless security chip from Infineon Technologies.
The waterproof ring uses near field communications (NFC) to communicate data over short distances.
Proximity payments based on NFC technology are increasing and smart wearables capable of payment transactions, will accelerate this trend. EMVCo is a global standard for the interoperability and acceptance of secure payment transactions. Member organisations are American Express, Discover, JCB, MasterCard, UnionPay, and Visa.
This EMVCo-compliant payment finger ring has a security chip and passive contactless antenna, despite the small surface area, dimensions and shape. Design considerations to overcome were a batteryless design and contactless data transmission without removing the ring.
The energy-efficient payment security chip communicates with the terminal via a tiny passive antenna. This triggers the secured payment and does cryptographic processing. The ring complies with timing requirements of a few milliseconds whilst working at a distance of up to 40mm from a reader.