While Samsung and Apple are both expected to launch smart rings later this year, a South African company has beaten them to market: VezoPay has launched a smart payment ring that allows South Africans to ditch their wallets – and even their phones.

VezoPay, which was founded by Jake Pinkus and Lawrence Baker, has launched the ring – actually, a series of payment rings – in the local market, and TechCentral is first with the details.

VezoPay offers three ring options to choose from:

X Ring: Made from ceramic and available in three colours – black, white and pink – with either a gloss or matte finish. Prices start at R2 100.
Classic Ring: Crafted from silver, offered in both matte or gloss finishes. Prices start at R3 500.
Signature Ring: Available in yellow gold and rose gold, ranging from plated options to solid 18-carat gold. Prices vary from R5 000 to R28 950.

Watch an interview with the VezoPay founders on the TechCentral Show

VezoPay’s core mission is to simplify payment processes and eliminate pain points associated with financial transactions.

“Our goal is to make payments as painless as possible,” said Pinkus. “Money makes the world go round and we want to ensure that moving it is as easy as possible for everyone involved”.

A standout features of VezoPay’s technology is its passive nature: unlike other payment methods that require regular charging, screen interaction or additional authentication steps, VezoPay’s wearable devices, including the payment ring, are designed to be low maintenance.

The ring is shockproof, dustproof and waterproof – and never needs to be charged. Users can make payments simply by placing their hand near a payment terminal.

“We want our customers to focus on what’s happening around them,” Pinkus said. “Our technology allows them to do that by taking away the need to charge devices, unlock screens or deal with the hassle of physical cards.”

The ring should work well for people with active lifestyles, who can make purchases after going for a run or a swim without needing to carry a phone or wallet.

“Our ring is designed to be always worn. You can forget about it until you need to make a payment and it’s right there on your finger, ready to go,” the company said.

Security is baked into the product. It uses programmable NFC (near-field communication) that is fully encrypted. When a card is linked to the ring, only a one-time token of the card is stored, not the actual card details. This approach ensures that even if the ring is lost or stolen, the user’s financial information remains out of reach of criminals.

Tokenised

“The tokenisation process we use ensures that no actual card data is stored on the device,” said Pinkus. “This means that even if the ring is lost or stolen, your financial information is safe.”

VezoPay hopes to lead the tokenisation space and collaborate with other companies to drive innovation in payment technology. Tokenisation, the process of substituting sensitive data with unique identification symbols, is a critical component of modern secure payments.

“Tokenisation is the future of payments,” said Baker. “We want to be at the forefront of this technology, providing the most secure and convenient solutions to our customers and partners.”

The company’s plans extend beyond payment rings. While the ring is VezoPay’s current focus, it plans to explore other forms of wearable devices. “We believe that wearables are just the beginning,” said Pinkus. “The next 10-15 years will see incredible advancements in this space.”

Indeed, VezoPay’s founders see a world emerging where payments are effortless, driven by technology that is advanced and invisible.

“Phones have reached a point where improvements are incremental. Wearables are the next frontier. Our ring is just the first step towards a future where technology enhances life without becoming a distraction.”

By working with banks and other financial institutions, VezoPay aims to create a more open and innovative payment ecosystem. The company is in the process of onboarding several South African banks. However, the founders said they couldn’t disclose the names of the banks just yet.

VezoPay has big backers, including Phuti Mahanyele-Dabengwa (the CEO of Naspers South Africa), and two investors from Investec, Elizabeth Fick and Tristanne Farrell. “People are often surprised by how easy it is to use our ring. We’ve seen incredible reactions from customers who can’t believe that such a small device can handle payments so effortlessly,” said Pinkus. – © 2024 NewsCentral Media