VezoPay, the South African company that has developed smart rings for tap-and-go payments, has “onboarded” its first banking partner, Nedbank, and plans to add other financial institutions soon.
The company, which was founded by Jake Pinkus and Lawrence Baker, recently launched a series of payment rings in the local market, with prices starting from R2 100. The idea is users will no longer have to carry a bank card or even their phone to conduct transactions at the point of sale.
- Watch a recent interview with VezoPay on the TechCentral Show
Unlike other payment methods that require regular charging, screen interaction or additional authentication steps, VezoPay’s wearable devices, including the payment rings, are designed to be low maintenance.
The rings are shockproof, dustproof and waterproof, and never need to be charged. Users can make payments simply by placing their hand near a payment terminal, TechCentral first reported earlier this month.
VezoPay partnered with a company called Fidesmo to facilitate the initial onboarding process with Nedbank, and this has now laid the groundwork for a broader roll-out. The announcement of a second banking partner is imminent.
“The onboarding process involved working closely with Mastercard for testing and tokenisation to ensure everything functions smoothly. Although we are not privy to every detail, we know that a series of tests and security measures were implemented to protect user data and transactions,” said Pinkus in an interview on Thursday.
“We are in talks with other major banks and expect them to follow suit as the technology proves its efficacy,” Pinkus said. The company is also in discussions with Visa about expanding the offering to other institutions.
“As we onboard each bank, customers will be able to select their bank on our website. If their bank is not yet onboarded, they can reserve the ring without any upfront costs. Once their bank is live, they can proceed with the purchase.”
Security
Addressing security concerns, VezoPay said the ring’s security features include advanced tokenisation and chip-and-Pin technology like traditional bank cards. If the ring is lost or stolen, users can immediately disable it via their app, adding an extra layer of security.
The company acknowledged the challenge of balancing security with convenience. “We aim to make the ring secure without compromising usability. For instance, the ring requires a closed fist to make a transaction, ensuring it won’t accidentally trigger payments.”
VezoPay plans to introduce additional security features, including biometric authentication, within its app. The founders stressed the importance of educating users about the ring’s safety and how it integrates with existing banking security protocols. – © 2024 NewsCentral Media