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© NFCring Business | August 23, 2016

NFC payment ring powered by Infineon’s contactless security chip

NFCRing Inc. has introduced (what they claim to be) the world's first EMVCo compliant payment ring based on a contactless security chip from Infineon Technologies AG.
The tiny, water-proof smart wearable works like a contactless payment card. Users can pay by simply holding their finger with the ring closely to any EMVCo contactless-enabled payment terminal. The ring uses NFC (Near Field Communication) technology to communicate data over short distances of a few centimeters.

"The Infineon security chip is the only solution available on the market, that allowed us to realize the NFC payment ring while still meeting EMVCo’s toughest contactless performance requirements," said Shelly Silverstein, Chief Operating Officer at NFCRing Inc. "NFC Ring users now have a secure and convenient, payment experience with a fashionable accessory in an attractive design."

Almost half of all payment chip cards issued in 2015 worldwide use security solutions from Infineon, the company writes in a press release.

"Our chip technology makes paying with smart wearables as functional as paying with the well-known bank card, but also much more convenient," said Thomas Rosteck, Vice President and General Manager of Infineon’s Secure Mobile & Transaction business line. "Proximity payments based on NFC technology are clearly on the rise – and payment solutions with smart wearables will accelerate this trend with consumers not even having to reach into their pockets to pay.”

As a global standard, EMVCo facilitates worldwide interoperability and acceptance of secure payment transactions. Management of specifications and related testing processes is driven by EMVCo’s six member organisations American Express, Discover, JCB, MasterCard, UnionPay, and Visa.
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