Visa and Credit Bank of Moscow have partnered to introduce payment-enabled rings in Russia to allow consumers to make purchases across all contactless-enabled payment terminals.
The Visa payment-enabled rings are made of shockproof and waterproof ceramics and require consumers to enter a PIN code when the cost of a purchase exceeds USD 13. If the ring gets lost or stolen, the owner can contact the bank for blocking the device, while still having the ability to make payment with the credit card associated with the ring.
According to the press release, recent analysis by Research Nester found that the estimated value of wearable gadgets market will reach USD 52.5 billion in 2024 compared to USD 16.2 billion in 2016. In addition, a research by Visa UK shows that 76 percent of contactless payments are made by millennials, consumers between 18 and 35 years old.
