ABN AMRO first bank to try out contactless payment ring
Contactless payment refers to purchasing items without having to enter a PIN for amounts of up to 25 euros. It works through an NFC chip like the ones that are embedded in our bank cards.
These chips can, however, be placed in other small objects and that is why ABN AMRO is keen to test the technology out using rings and watches.
This type of payment has become very popular in such a short amount of time. One in three debit card transactions in the Netherlands is now contactless and two out of three POS pay stations are equipped with contactless payment technology.
A ring with chip
The Kerv is a ring that was launched in March 2017 by a British company. The ring has an NFC chip, which allows users to pay for items. In some countries, it even allows you to check in and out on public transport and open the front door of a smart lock.
"If the ring is stolen, then clients can block payments as soon as possible," says Yvonne Duits, involved in the development of the project on behalf of ABN AMRO. "The damage will at most be 25 euros as higher amounts require your pin."
ABN AMRO has done a number of test rounds with the ring directly linked to their bank account. The aim is to make the technology available to everyone by the end of 2017.
Watches and other items
ABN AMRO also announced that they were going to test other wearable items with an NFC chip, such as watches, bracelets and even sunglasses. An additional functionality could be that the ring also stores data such as your identity and blood type.
Intellectual property disputes
Many have questioned whether Kerv is the most convenient option for future payments or whether it poses some threats to privacy and intellectual property. It is, after all, an object that can easily be lost or stolen.
Some people think implants may be the most reliable option for the future. Many Biohackers already have NFC chip under their skin, usually on their hands, and it is becoming an increasingly popular option for the mere reason that it is with you at all times, and you don’t have to leave it on your nightstand.