Contactless payments: Payment rings, the ultimate solution?

New developments in in-store payments include several innovations all centered around ‘Contactless’ solutions. You no longer need to insert your payment card into the terminal to make a payment. A simple TAP-&-GO is all it takes to make a payment.

Payments via smartphones (such as Apple Pay or Google Pay, for example) are obviously being used more and more, but what about Wearables such as watches, bracelets or payment rings?

Offering speed, security and convenience, these innovations are transforming the in-store shopping experience, making it unique, simple and efficient. You no longer need to carry your wallet or phone with you.

Evolution of Payment Methods

The history of in-store payments begins with coins, which have been used since ancient times to exchange goods. In the 20th century, credit cards emerged as a practical and secure alternative to cash. In the 1970s, the first smart cards were introduced, revolutionizing electronic payments! Thanks to technological advances, NFC contactless payments became widespread in the 2000s, making transactions smooth and fast, whether using a card or a smartphone.

Today, wearables such as watches and payment rings are creating another revolution taking the payment experience even further, offering unrivalled convenience while meeting the needs of modern consumers.

WHAT ARE WEARABLES?

Payment wearables are electronic devices that can be used as a means of payment. Whether it's a connected watch, a payment bracelet or a payment ring, they offer several advantages:

• Enhanced security: Thanks to the use of NFC (short range reading),
• Speed & fluidity: Almost instant payment,
• Convenience & practicality: No need to take out your wallet or phone,
• Improved hygiene: Less contact with shared surfaces,
• Fun: Reinforces the wearer's "cool" image.

PAYMENT RINGS: And why not?

Available on the market for a few months now, payment rings use NFC (Near Field Communication) technology (the same technology used for contactless bank cards).

They have no batteries and contain a secure chip that communicates with any standard payment terminals. When making a payment, all you must do is bring the ring close enough to the terminal, as you would do it  with a card or a telephone.

Are you more traditional and can't go out without your bank card? 

Payment rings are more practical than credit/debit cards: they're always with you, so they're hard to forget, lose or to be stolen. They don't require a wallet or phone, so they're ideal for sports, going out or travelling.

They also enable faster, more hygienic payment without direct contact with payment terminals. Finally, they are more discreet and secure thanks to the tokenization technology used in all cases.

Are you an innovator who is constantly promoting smartphone payments?

As they require no screen manipulation or application, no battery payment rings are not only more convenient than smartphone payments, but also faster and less prone to forgetting and no battery charging needed. They are ideal for physical activities or situations wherein taking out your smartphone is impractical or risky. A simple movement of the hand is all it takes. Without a battery, there's no risk of running out of power.

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Wearables, and in particular payment rings, offer enhanced payment experience, combining security, speed and convenience. By adopting these new technologies, you can simplify your day-to-day life and impress the crowds at the same time. 

And have you already used these kinds of objects?

Don't hesitate to give us your opinion in the comments on this article.

Don't hesitate to visit www.nayarpay.eu. You'll find a whole range of payment rings that you can connect to all your bank cards.