A London based startup that goes by the name Kerv, has designed a shiny piece of wearable smart ring that users can use to make payments of up to $46 by simply waving their hands at shop checkouts and public transport barriers. The ring uses Near Field Communication (NFC) that can revolutionise contactless payments.
In the words of Philip Campbell, founder of Kerv, “If your wallet weighs you down, you might want to try a smart ring”. The ring doesn’t need charging nor does it need to be paired with a smartphone. The idea for designing the ring cropped up when Philip was working for a marketing agency which served the payment industry. He got frustrated with his job and thought of doing it in a better way. The concept received an impetus after it was assumed that most of Europe will settle for contactless payments by 2020.
The project in its nascent stage is seeking funding through crowdfunding site Kickstarter, wherein it has raised more than half of its £77,000 target within five days. All users need to do is set up an account with Kerv to use its services.