- EVERING introduces its NFC ring, providing the ease of contactless payment to Japanese customers while adhering to the “Less is Smart” concept.
- Thales will supply embedded security and contactless technologies, as well as payment personalization services, in order to provide trusted transactions via the smart ring.
- According to EVERING CEO Takeshi Kawada, EVERING ring can be a solution that can drive Japan towards becoming a cashless society.
Incorporating Payment devices into wearables
Contactless payment technology makes life easier for consumers all over the world, especially in the aftermath of the current pandemic. Furthermore, by incorporating contactless payment devices into wearables, users’ daily lives will be integrated more seamlessly. Thales, which has a long history of delivering secure payment solutions to banks and other financial organizations, is now bringing this expertise to wearable fashion in Japan.
As retailers across the world look for methods to make it simpler for customers to purchase without touching anything, one Japanese firm is wagering that its technology will rule them all: a smart ring that can double as a wallet and a key.
Evering’s NFC ring
EVERING, a Japanese finance firm, has created a new near-field communication (NFC) ring in partnership with Thales, a French business. When held near a payment terminal, EVERING’s waterproof ceramic ring allows consumers to conduct contactless payments.
Thales will provide a secure integrated chip as well as an operating system for the company’s waterproof, battery-free smart ring. The French firm will also provide card personalization services.
The payment data on the NFC ring will be immediately linked to the user’s prepaid bank account. All integration and customization work on the rings will be carried out by specialized Thales teams in Asia, guaranteeing tight collaboration with EVERING to suit the changing demands of its end customers.
Evering’s payment function, like credit and debit cards, has a four-year expiration date. The user will be able to use the ring for payments after it has been renewed. Each ring’s lifetime will be limited to 1 million yen (about US$ 9,100). Users will receive a fresh Evering if they use it up before the expiration date.
A Cashless Society
“We are delighted to partner with EVERING, a company that is bridging technology and fashion with the launch of their contactless payment ring. Thales has a long history of providing digital identity and security solutions in Japan, notably in the area of mobile communications and banking services. This collaboration takes our commitment a step further as we work with an innovative start-up to support their customers in this fast-evolving payment ecosystem. With this partnership, Thales is accelerating our business development efforts with alternative payment issuers in Japan, including Fintech companies, as we continue to refine our technology for wearable devices,” Cyrille Dupont, Country Director, Thales in Japan.
According to EVERING CEO Takeshi Kawada, EVERING ring can be a solution that can drive Japan towards becoming a cashless society.
“With this partnership, we assure our customers that their financial transactions remain safe and secure and that the ring is equipped with international standards of security technology.”