VezoPay, the South African company that has developed smart rings for tap-and-go payments, has a new investor: PayFast founder Jonathan Smit.

The company, which was founded by Jake Pinkus and Lawrence Baker, recently launched a series of South African-designed payment rings, with prices starting from R2 100. The idea is users no longer have to carry a bank card or even their phone to conduct transactions at the point of sale.

Now the company has announced that Smit has joined the company as an investor and advisor. Smit’s expertise in the payments industry should be an asset to VezoPay as it looks to expand its presence in the payments arena. Smit was one of the first users of VezoPay’s Vezo Ring.

The Vezo Ring allows users to make contactless payments with a simple tap. The ring is compatible with most major credit and debit cards, and it offers the same level of security as traditional payment methods.

Bank support

VezoPay is already live with Nedbank, and Pinkus told TechCentral on Tuesday that two other banks will roll out support soon.

“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 their purchase,” Pinkus said.