Image source: Kerv

Amsterdam bank takes wearable payments to a new level

ABN Amro, a large Amsterdam based bank, is looking to take wearable payments to the next level.

Prior of a wider rollout in the latter half of 2017, the Dutch bank has started handing out rings with built-in NFC capability to a select group of customers. The rings were supplied by wearable tecnology company Kerv.

Through this ring, customers can make payments anywhere in the world that displays the contactless MasterCard payment symbol. Think coffee shops, supermarkets and pub chains.

The device works all by itself, so you don’t need to pair it with a smartphone to make a payment. Once the ring is within range of the contactless payment station, funds are dispersed for the retail transaction.

A spokesperson for ABN Amro commented on the new offering.

“We are testing the Kerv ring at the moment and we are also testing a watch,” he said.

“It will be possible for other wearable suppliers to get their NFC chip certified according to the right security standards, monitored by Mastercard, to connect it to the payment account.

More than a year since they completed a successful crowdfunding campaign, Kerv debuted its smart ring at the Wearable Technology Show in London. The company believes that we shouldn’t have to carry around so much stuff just to get through the day – such as cash, payment cards, loyalty cards, passes, ID, tickets and keys.

Essential reading: Smart rings – jewellery, meet technology

Kerv Ring is engineered from aerospace-grade zirconia technical ceramic, and is available in either black or white outside and a range of colours inside. It is waterproof, lightweight, hypoallergenic and almost as scratch-resistant as diamond.

As technology shrinks in size and increases in power, making smart wearable accessories that are worn on your fingers is becoming less of a challenge. Although still a niche area, smart rings are forecast to capture a growing share of the wearables market in the coming years.

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