In cooperation with Mastercard and the Credit Bank of Moscow, the PayRing company is about to start mass production of the first tap-to-pay payment rings in Russia. To make a payment, the person wearing the ring will only have to tap the ring on a payment terminal that supports the Mastercard contactless payment technology. Such terminals can be found in stores, the metro, cinema, etc.: there are over 7 million point-of-sale terminals like this in 107 countries, including Russia.
The rings are made from water- and shatterproof ceramics, run using the SCOne OS developed by the ALIOT company, and available in different designs and colours.
At the beginning of 2018, the rings will become available to those Credit Bank of Moscow clients who use the Individual banking services. Other clients will be able to buy the rings a little bit later. Making payments using the ring is easy, convenient and safe. If the sum of money to be paid exceeds 1000 roubles, the PIN code will be requested. Should a person lose his ring, he will be able to report having lost it to the bank in order to have it blocked, and he will still be able to use his standard bank card.
"We are glad to be one of the companies that contribute to the development of the payment industry, and offer the market a new means of payment, having developed it with our partners. Due to the product's characteristics, sportsmen and those who lead an active life will find it very useful", said Alexey Kosyakov, Deputy Chairman of the Board of The Credit Bank of Moscow.
"In various countries, Mastercard offers products that make it easier and faster to handle routine tasks. We strive to bring everyone an opportunity to pay fast and safe the way a person finds the most convenient, be it a card, a smartphone, a band or a jewel that you are wearing every day", said Michail Fedoseev, business and digital technology director at Mastercard Russia. "This year, Mastercard celebrates the 20th anniversary of operating in the Russian market, and we are happy to bring new opportunities and services to Mastercard cardholders."