Whether at the beach, on the daily jog, or at the gym: from now on, everyone can carry money discreetly on the body. NFCRing Inc. has introduced the world's first EMVCo compliant payment ring based on a contactless security chip from Infineon Technologies AG. The tiny, water-proof smart wearable works like a contactless payment card. Users can pay by simply holding their finger with the ring closely to any EMVCo contactless-enabled payment terminal. The ring uses NFC (Near Field Communication) technology to communicate data over short distances of a few centimeters.
"The Infineon security chip is the only solution available on the market, that allowed us to realize the NFC payment ring while still meeting EMVCo's toughest contactless performance requirements," said Shelly Silverstein, Chief Operating Officer at NFCRing Inc. "NFC Ring users now have a secure and convenient, payment experience with a fashionable accessory in an attractive design."
Almost half of all payment chip cards issued in 2015 worldwide use security solutions from Infineon. To make cashless payment even easier and more convenient for consumers, Infineon has optimized its contactless technology for payment applications with even the smallest smart wearables.
"Our chip technology makes paying with smart wearables as functional as paying with the well-known bank card, but also much more convenient," said Thomas Rosteck, Vice President and General Manager of Infineon's Secure Mobile & Transaction business line. "Proximity payments based on NFC technology are clearly on the rise - and payment solutions with smart wearables will accelerate this trend with consumers not even having to reach into their pockets to pay."
As a global standard, EMVCo facilitates worldwide interoperability and acceptance of secure payment transactions. Management of specifications and related testing processes is driven by EMVCo's six member organisations American Express, Discover, JCB, MasterCard, UnionPay, and Visa.
Increased convenience without compromising security
For the first time ever, contactless system developers have managed to build an EMVCo-compliant payment finger ring with a security chip and passive contactless antenna. The small surface area and dimension as well as the shape of the ring were not the only hurdle they had to overcome. The absence of a battery with smart wearables and contactless data transmission without taking the wearable off the finger make contactless transactions more difficult, too.
However, the developers have overcome all these challenges, thanks to the highly energy-efficient payment security chip from Infineon. The chip communicates via its tiny passive antenna with the terminal, triggers the secured payment and does cryptographic processing. Moreover, it is the only solution available on the market that complies with timing requirements of a few milliseconds whilst working at a distance of up to 4cm from a reader.
Source and top image: Infineon Technologies AG