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BW Businessworld

Visa creates a NFC enabled ring that can make online purchases

The global payment technology giant, Visa Incorporation made headlines with it is innovative idea of offering a NFC-enabled payment ring to Team Visa athletes at the Rio 2016 Olympic events. Being a top partner for the Olympics for 30 years in arrow, the credit service provider is now set to prove its tagline ‘Everywhere you want to be’ for better global acceptance as the summer games kick-off on August 5.

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demonstration for advanced prototype version of the Visa payment ring took
place in New York City yesterday, making it the first tokenized payment ring as
it runs on ‘Visa Token Service’. Replacing the sensitive account details with a
unique identifier to push the transaction process is a big break-through.

It has been trying and testing
the digital ring with its employees, partners,
Olympic and Paralympics athleteswhich requires
the user to wave their ring over the terminal for completing the transaction. This
is being seen as an excellent move, in the terms of credit service providers
going plastic to digital. Visa has decided upon deploying close to 4,000
NFC-capable POS terminals for easing detection after purchases at the Games
venue and it is also expected to help mobile transactions through Visa-Net.

The idea is
said to be inspired by the need of athletes, expressed to Visa, of not having enough
time after an event to rush to locker rooms to fetch wallets. Visa has thus
designed this ring especially for them with no requirement to enter passwords
or charge batteries, its activation or deactivation can also be controlled by a
smartphone. The convenience enhancing innovation can also handle contact with
water. It is water-resistant and extremely safe option for the swimming Olympic
athletes, especially.’

 In addition to this, the users would also have
a card, in case if the ring is does not get accepted. Everything from the
reliability to power has been taken care of, for instance the embedded chip
inside the ring would ensure that the terminal supplies just enough power to
complete a transaction. The technology and banking industry, is calling it a
brilliant marketing strategy for its global brand identity at the international
event with which 207 countries are engaging in.


Tags assigned to this article:
visa nfc technology nfc payment service