Australia’s first ever payment ring launches

It looks just like an ordinary ring, but with this piece of jewellery you can leave your bank card at home.

A tap and you’ve made a purchase.

“It’s making life a lot faster for everyone,” one new user told 9News.

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The $39 Halo smart ring is a new contactless payment system from Bankwest, putting your banking details on your finger.

The ring is water resistant, doesn’t require charging and importantly is covered by Mastercard’s 24/7 fraud protection.

“It works exactly like any other contactless payment card you simply go up to the till wave over the reader as long as you’ve got it on your finger it’ll work,” said Andy Weir, Executive General Manager, Bankwest Technology.

Tap and Go technology has been growing in popularity. First there were phones and watches and now with this ring you can leave it all behind and make a quick payment.

It has technology expert Trevor Long’s tick of approval.

“I think it’s a great initiative, great idea, pretty much showing how tap and go technology can be used in pretty much any device. The pitfalls of a device like this are exactly the same as the card itself, If you lose it someone else can use it,” he said.

Like a card anyone can make a contactless payment of less than $100 without a password.

“If you lose your ring you simply cancel your ring and order another one,” said Mr Weir.

Tap and go technologies account for around a third of all retail transactions in Australia, but for some it might take a bit of getting used to.

“Not for my age group no, wouldn’t trust it,” one member of the public today 9News.

Any advice provided in this article is general in nature in that it does not take into account an individual’s particular circumstances or needs. Individuals should consider their own objectives, financial situation or needs, and if in doubt seek appropriate advice, before proceeding.

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