The era of using cards (debit and credit) to make payments might be phasing out as an Australian company has developed a ring that can be used to make payments instead.
Australia’s first payment ring, Bankwest Halo is a waterproof ceramic ring containing an inbuilt chip linked directly to your bank account.
The ring works when the wearer hovers it over a sensor on a card reader and It is backed by the same Zero Liability Protection that applies to our range of debit Mastercards.
However, experts warn that this wearable payment ring will encourage spontaneous and unnecessary spending.
“People are less conscious of small transaction in terms of ‘this $4 for a coffee doesn’t matter.’ If you do that for every day of the week, every week of the year, it adds up but people don’t think of every day of the year,” Professor Werner Soontiens of University of Notre Dame posited.
Watch the video describing how the wearable payment ring, Bankwest Halo, works: