Visa creates a NFC enabled ring that can make online purchases
The demonstration for advanced prototype version of the Visa payment ring took place in New York City yesterday, making it the first tokenized payment ring as it runs on ‘Visa Token Service’. Replacing the sensitive account details with a unique identifier to push the transaction process is a big break-through.
It has been trying and testing the digital ring with its employees, partners, Olympic and Paralympics athleteswhich requires the user to wave their ring over the terminal for completing the transaction. This is being seen as an excellent move, in the terms of credit service providers going plastic to digital. Visa has decided upon deploying close to 4,000 NFC-capable POS terminals for easing detection after purchases at the Games venue and it is also expected to help mobile transactions through Visa-Net.
The idea is said to be inspired by the need of athletes, expressed to Visa, of not having enough time after an event to rush to locker rooms to fetch wallets. Visa has thus designed this ring especially for them with no requirement to enter passwords or charge batteries, its activation or deactivation can also be controlled by a smartphone. The convenience enhancing innovation can also handle contact with water. It is water-resistant and extremely safe option for the swimming Olympic athletes, especially.’
In addition to this, the users would also have a card, in case if the ring is does not get accepted. Everything from the reliability to power has been taken care of, for instance the embedded chip inside the ring would ensure that the terminal supplies just enough power to complete a transaction. The technology and banking industry, is calling it a brilliant marketing strategy for its global brand identity at the international event with which 207 countries are engaging in.
