and have partnered to introduce payment-enabled rings in Russia to allow consumers to make purchases across all contactless-enabled payment terminals. The Visa payment-enabled rings offered by Credit Bank of Moscow are made of shockproof and waterproof ceramics and require consumers to enter a PIN code when the cost of a purchase exceeds USD 13. If the ring gets lost or stolen, the owner can contact the bank for blocking the device, while still having the ability to make payment with the credit card associated with the ring. The payments ring exemplifies the fusion of fashion and technology by simplifying everyday purchases and allowing consumers to keep up with the latest trends. According to the press release, recent analysis by Research Nester found that the estimated value of wearable gadgets market will reach USD 52.5 billion in 2024 compared to USD 16.2 billion in 2016. In addition, a research by Visa UK shows that 76 percent of contactless payments are made by millennials, consumers between 18 and 35 years old. As the wearable trend continues to grow momentum, the launch of the Visa payment-enabled rings in Russia is expected to enhance consumer adoption of new payment technology. According to a Visa official, nearly every fiftieth operation with Visa card was contactless in 2017 and, currently, every tenth operation with a Visa card is contactless. In this context, Russia is the leader in the CEMEA region, which includes the CIS countries, Southeast Europe, Africa and the Middle East.
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.