Visa and the Credit Bank of Moscow aim to capitalise on the growing trend for wearable technology with a ceramic ring that facilitates contactless payments. The shockproof and waterproof rings require a PIN code for purchases worth more than $13, and if the ring is lost or stolen, users can still make payments using the associated credit card. In addition to its own products, Visa's mobile wallet app also supports other payment methods such as Apple Pay, Android Pay and Samsung Pay.
Visa and the Credit Bank of Moscow aim to capitalise on the growing trend for wearable technology with a ceramic ring that facilitates contactless payments. The shockproof and waterproof rings require a PIN code for purchases worth more than $13, and if the ring is lost or stolen, users can still make payments using the associated credit card. Visa revealed more than three-quarters of contactless payments are made by millennials, while Research Nester said the wearables market is set to be worth $52.5bn by 2024.