Hyperring, a wearable technology platform, has recently launched the Hyperring Gen2, a new version of its NFC-chip ring.
The Hyperring Gen2 isn’t a typical smart ring – it doesn’t have sensors or a battery. Its main purpose is to enable payments on your hand via an NFC chip.
The company claims that the ring is certified by Visa and MasterCard, is waterproof, and comes with additional features, such as multi-factor authentication, virtual contact sharing, and emergency contact storage. The features will later be available as a subscription and cost $20 a month.
According to the company, the ring uses proximity-based activation, which ensures that payments can be authorized within 3cm of a terminal. This is slightly less than the standard NFC chip distance.
The ring also uses encryption to boost security. In the event of loss, users can block transactions by unlinking their cards through the HyperRing Pay app.
In the future, the company is planning to integrate crypto payment capabilities and enable token transfers.
Compared to the first version of the ring, Gen2 rings are cheaper and use less fancy materials. There are no platinum and diamond options, for example. The price of the rings starts at $145 and depends on the materials.
NFC smart rings have been available for quite some time. Recently, McLear, creator of the first NFC-payment ring, announced that it is closing its RingPay program.
The company appears to have financial issues and is no longer selling rings via its website.
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