Israeli mobile technology company On Track Innovations (OTI) has launched its latest wearable payment device –the Ring of Things.
The sterling silver and onyx designed ring is web-connected and supports contactless payments technology, gyro-based motion control and smartphone notifications.
Built on the company’s PayEnable platform, the device also supports closed-loop payments, loyalty and reward programs, gift cards and even advanced features like in-store promotions, and brand authentication.
OTI chief executive Shlomi Cohen said: “It is a very exciting time to be part of the Internet of Things revolution. The tiny form factor and easy to integrate nature of our payment technology is a great fit for any wearables manufacturer wanting to gadgetize and add secure cashless payment functionality to their existing products.”
To launch this product, OTI collaborated with UK-based DigiSEq. The collaboration provided OTI’s clients with the ability to provision their PayEnabled products in their manufacturing facility or in the stores.
The wearable payments market is forecast to grow at 177% per year between 2015 and 2020, accounting for an annual $500bn worth of transaction volume by 2020, according to Tractica.