Visa, the exclusive payment provider at the Olympic and Paralympic Games, has introduced the first payment wearable ring backed by a Visa account for use at the Rio 2016 Games.
The Visa tokenised payment ring will be handed over to all Team Visa athletes in Rio, a group of 45 Olympic hopefuls from across the globe who symbolise Visa’s values of acceptance, partnership and innovation.
The NFC-enabled Visa payment ring enables Team Visa athletes to make purchases by simply tapping their ring at any NFC-capable payment terminal.
Developed using the patented NFC Ring design of McLear & Co, the ring includes a secure microchip designed by Gemalto, with an embedded NFC-enabled antenna, enabling contactless payment capabilities.
Contrary to various 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 Team Visa athlete and Olympic gold medalist Missy Franklin can go from the pool to payment all with the tap of her ring.
The Visa payment ring is equipped with token technology provided by Visa Token Service, which replaces sensitive payment information, such as the 16-digit account number, with a unique digital identifier that can be used to process payments without exposing actual account details.
Visa executive vice president of innovation and strategic partnerships Jim McCarthy said: "Visa’s first payment ring puts smart payment technology right on the hands of our athletes for convenient and easy payments.
"This ring is the latest example of how Visa is continuously innovating to deliver on its goal of universal acceptance at the games and across the world."