A select group of Amsterdam bank ABN Amro customers has begun piloting payments using NFC-enabled rings supplied by Kerv and smartwatches. The pilot is being run to test the technology ahead of a wider roll out to all customers later this year.
The bank is looking to work with "more partners" on the pilot, which lets customers make payments using funds directly from their bank account.
"We are testing wearables and how we can connect a wearable to the payment account of the customer," the bank told NFC World. "We are aiming to go live for regular customers at the end of the year. We are testing the Kerv ring at the moment and we are also testing a watch. It will be possible for other wearable suppliers to get their NFC chip certified according to the right security standards monitored by Mastercard to connect it to the payment account."
Mastercard has granted approval for the Kerv ring, as an M/Chip contactless payment device. M/Chip, is Mastercard proprietary technology that meets EMV standards for interoperable, reliable and safe payments across the world.
Founder of Kerv Wearables, Philip Campbell, said, "Our aim was to develop a desirable wearable item, that does not obviously look like a piece of technology. We believe that the Kerv ring makes people's lives easier - whether that is commuting to work on London underground, buying a coffee, or paying for a round of drinks."
The ring is waterproof, scratchproof, doesn't need charging or pairing with a smartphone to work. The Kerv ring is linked to a Mastercard prepaid account, issued by PSI-PAY Ltd., and comes with a companion card for higher value transactions, online or for cash withdrawals.
Sources: Kerv and NFC World
Top image: Kerv