The ring uses near field communication technology to communicate data over short distances of a few centimetres.
Touted as the world’s first NFC payment ring, Los Angeles, Calif.-based NFCRing Inc. has launched an EMVCo compliant payment ring based on a contactless security chip from Infineon Technologies.
The tiny, waterproof smart wearable works like a contactless payment card. Users can pay by simply holding their finger with the ring closely to any EMVCo contactless-enabled payment terminal. The ring uses NFC (Near Field Communication) technology to communicate data over short distances of a few centimetres.
"The Infineon security chip is the only solution available on the market, that allowed us to realize the NFC payment ring while still meeting EMVCo’s toughest contactless performance requirements," said Shelly Silverstein, Chief Operating Officer at NFCRing Inc. "NFC Ring users now have a secure and convenient, payment experience with a fashionable accessory in an attractive design."
Almost half of all payment chip cards issued in 2015 worldwide, Infineon said, use its security products. To make cashless payment even easier and more convenient for consumers, Infineon has optimided its contactless technology for payment applications with even the smallest smart wearables.
As a global standard, EMVCo facilitates worldwide interoperability and acceptance of secure payment transactions. Management of specifications and related testing processes is driven by EMVCo’s six member organisations American Express, Discover, JCB, MasterCard, UnionPay and Visa.
The contactless system developers built an EMVCo-compliant payment finger ring with a security chip and passive contactless antenna. The small surface area and dimension as well as the shape of the ring were not the only hurdle they had to overcome. The absence of a battery with smart wearables and contactless data transmission without taking the wearable off the finger also make contactless transactions more difficult.
The highly energy-efficient payment security chip communicates via its tiny passive antenna with the terminal, triggers the secured payment and does cryptographic processing. It is, according to Infineon, the only solution available on the market that complies with timing requirements of a few milliseconds whilst working at a distance of up to 4cm from a reader.
The ring is available for order worldwide.