MORE INNOVATIVE WAYS TO SPEND MONEY

Photo caption: Jim McCarthy, executive vice president of innovation and strategic partnerships at Visa Inc., showcases the Visa payment ring

 

“Unlike many other payment wearables’, the ring does not require use of a battery or recharging. It is also water resistant to a depth of 50 meters, meaning that Visa athletes like the Olympic gold medalist Missy Franklin can go from the pool to payment all with the tap of her ring.”

 

Credit cards or plastic money era will soon be history as institutions are coming up with new ways for customers to make payments. Recently, Visa Inc. (NYSE:V), the exclusive payment provider at the Olympic and Paralympic Games, introduced a new innovation for use at the Rio 2016 Games – the first payment wearable ring backed by a Visa account.

 

Let’s admit it – it is cumbersome to carry cash or cards when going out for a run as there is always a fear you may lose it. But you certainly cannot lose a ring easily and it leaves you moving free and confidently be able to do the warm up and stretches with confidence.

 

The ring was recently previewed by Visa in Dubai during the official opening of the company’s new innovation center serving the Central and Eastern Europe, Middle East and Africa (CEMEA) regions.

 

The Visa payment ring will be given to all Team Visa-sponsored athletes in Rio, a group of 45 Olympic hopefuls from around the world who embody Visa’s values of acceptance, partnership and innovation. The Visa payment ring is NFC-enabled, allowing Team Visa athletes to make purchases by simply tapping their ring at any NFC-capable payment terminal.

 

Key features of the ring make this a unique payment experience. The ring uses a patented NFC Ring® design that includes a secure microchip made by Gemalto, with an embedded NFC-enabled antenna, enabling contactless payment capabilities.

 

Unlike many other payment wearables’, the ring does not require use of a battery or recharging. It is also water resistant to a depth of 50 meters, meaning that Visa athletes like the Olympic gold medalist Missy Franklin can go from the pool to payment all with the tap of her ring.

 

Athletes and fans will also be able to use their Visa accounts leading up to, and at the Rio Games, using various new form factors. From booking and planning their trip using Visa Checkout or making purchases at the games on their mobile phone, both experiences are first-time offerings for Rio 2016, enabling athletes and fans to swipe, tap, dip or click to pay during their Olympic experience.

 

As the payments industry increasingly shifts from plastic to digital, new technology advances from Visa and its partners are bringing consumers a simple and more secure purchasing experience.

 

By Shereen Shabnam

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