Tag: nfc technology

This wearable technology saw its debut at the Rio 2016 Olympics and was worn by athletes there.

The NFC Ring has been attracting interest since its original crowdfunding by way of Kickstarter. It has finally made its debut, which occurred at the Rio 2016 Olympics. Olympic athletes wore the wearables enabled with near field communication technology. This made it possible for them to pay for their purchases using their Visa accounts.

Now, these wearable technology devices are available for the rest of the public to pre-order.

The NFC Ring works through near field communication technology. This means that it can be tapped against NFC readers in-store to pay for purchases. The tech is now available for pre-order and has a price tag of about $53. The user must choose his or her ring size in order to make sure it will fit his or her hand. The first wave of shipments are expected to begin in December. That said, while it is equipped with the technology for mobile payments it’s important to note that the relationship with Visa was limited to the test with the Olympians.

The NFC Ring payments technology is getting ready for widespread use.

NFC technology is a much shorter range of wireless communication than Bluetooth or WiFi. This means that a mobile payments transaction can’t be completed unless the wearables are waved immediately over the reader or are tapped together.

Many of the largest mobile wallets use this technology. This includes Apple Pay, Android Pay and many others launched by credit card companies and even retailers. The new wearable technology is among the first to provide a device other than a smartphone or smartwatch for mobile payments.

This specific project began with Kickstarter around three years ago. It has been carefully watched by the tech community and consumers alike. This marks its first release for public purchase. It is sold in black and white ceramic color options. The design is such that it appears to be a regular ring instead of some form of technology.

Aside from mobile payments, the NFC Ring can also be used with near field communication enabled smartphones and tablets to unlock them without the need for a password or passcode.

* Correction – this article was altered on August 27, 2016. It had previously inaccurately implied that the relationship between Visa and the NFC Ring extended beyond the test among the Olympians in Rio 2016.

In China nearly two thirds of all shoppers are now regularly using wallet apps to complete purchase transactions.

A new report revealed that almost two out of every three Chinese consumers use smartphone mobile payments regularly. The report was aimed at better understanding the country’s internet development. China Internet Network Information Center conducted the study and revealed the results of its data analysis.

The report showed 64.5 percent of Chinese smartphone owners use mobile payments to buy products.

That figure represents about 424.5 million people in China. These figures are as up to date as June 2016, which represents some very recent insight into this smartphone mobile payments trend. It also shows an increase in usage of 7 percent since December.

Aside from mobile wallet use, the report on the study also stated that there are 710 million internet users in China. This is nearly double the entire population of the United States. An estimated 656 million internet users connect to it via mobile devices.

The rapid growth in smartphone mobile payments is credited to the quick development of the necessary infrastructure.

The ecosystem needed in order to implement mobile wallets was adopted very swiftly in China, said the report. Recently, Samsung Pay and Apple pay have also entered the mobile payments market in China. This has given the sector’s growth a shot in the arm.

A rising number of manufacturers such as Xiaomi and Huawei launch NFC technology enabled smartphones. The result is a greater compatibility with many mobile payments tech requirements. Near field communication is the technology behind many large mobile wallets such as Apple Pay. The more consumers have NFC enabled smartphones, the greater the ability to actually use the mobile payment apps.

According to IDC research firm senior analyst, Michael Yeo, “Mobile payments have become a part of life in China now, driven by a combination of factors including e-commerce and mobile commerce, and services such as taxi-hailing apps.”

Yeo also explained that the success of smartphone mobile payments is as great as it is as the Chinese market is less influenced by legacy payment methods. Credit cards and banking cards are not as ingrained in Chinese society. Moreover, many people in the country use the internet exclusively over mobile devices.