A New Era of Wearable Payments: RingPay

McLEAR, a leading wearable paytech company, has unveiled its latest innovation, the RingPay 2, writes Alex Clere for the FinTech Magazine. This Visa-powered ring offers users the ability to make seamless payments with a simple wave of their hand. While the introduction of this sleek and refined technology raises the question of how far wearable paytech will go, it also begs the question of whether consumers are truly ready to embrace payment capabilities within their jewelry.

The RingPay 2 by McLEAR stands out for its compatibility with any existing Visa card or Mastercard, which can be connected through the ring’s dedicated mobile app. This means that the device can be utilized wherever contactless payment technology is accepted, including public transportation, bars and restaurants, and major grocery stores. Furthermore, the ring boasts a waterproof and battery-free design, ensuring worry-free usage in various environments.

As the second-generation iteration of McLEAR’s RingPay technology, the RingPay 2 has undergone significant improvements in both ergonomic design and functionality. The company aims to provide an enhanced user experience and drive wider adoption of wearable payment solutions.

The global surge in popularity of mobile payments and digital wallets has been undeniable, with the COVID-19 pandemic further accelerating their adoption due to their convenience and hygiene benefits. In the UK, contactless payments now account for 32% of all transaction volume, including the rising popularity of mobile payment services such as Apple Pay and Google Pay. Wearable technologies, including smartwatches with payment capabilities, contribute to this figure, with approximately 15% of Britons and 20% of Americans owning such devices.

Juniper Research supports these trends, reporting that there were over 780 million users of contactless mobile payment technology worldwide in 2022, a number expected to surpass one billion next year. The preference for smartphones over wallets has become so prominent that it has even coined the term «nomophobia» to describe the fear of being separated from one’s device.

Despite the growing prevalence of contactless payments, it may come as a surprise that they still account for less than a third of all transactions in the UK. This highlights both the existing market potential and the slow progress toward a cashless society, raising questions about whether consumers will fully embrace the concept of paying with wearable technology, such as a ring.

McLEAR describes RingPay as the ultimate standalone payment device, eliminating the need for carrying a smartphone for payments. Alessandro Hatami, Managing Director of strategic consultancy Pacemakers and co-author of ‘Reinventing Banking and Finance,’ recognizes the potential of RingPay but believes it falls into the «nice-to-have» category rather than the «need-to-have» category. Hatami suggests that the product could find value in situations where carrying a phone is inconvenient, making it an ideal accessory for beach holidays. However, to truly differentiate itself, RingPay would require technology advancements to extend beyond payments and become an authentication product.

As wearable paytech continues to evolve, time will tell whether consumers fully embrace the convenience and functionality of payment-enabled jewelry. For now, McLEAR’s RingPay 2 offers an intriguing proposition, although it remains to be seen if it will become the preferred choice over mobile and smartwatch payments.