News & Views - Savantor

Innovations in Wearables

Wednesday, 09 September 2015
This week, Visa put on its own stage show at the London Fashion Week, enabling VIPs to purchase outfits directly from the catwalk with a contactless ring. Whilst not a true contactless payment (although it was NFC and it did involve some notion of a payment), these things do tend to get into the media and therefore help to broaden peoples' minds when it comes to alternative methods of paying for goods and services. One innovation that may benefit to some degree from Visa's LFW performance is Kerv, a prepaid contactless payment ring now seeking crowd funding. Firmly aimed at consumers, Kerv is a proper contactless payment form factor that is usable on the high street just like stickers and key fobs. Whilst not the first ring of its kind, it may well turn out to be the first one to capture the public's imagination and actually catch on. At the moment, regardless of how appealing the form factor may be, contactless payments are necessarily restricted by the value limit, maintaining the need to carry that bulky wallet or mobile device for more significant purchases. It's only a matter of time, though, before something like a ring could include biometrics, helping to address fraud concerns and open the way to low-risk, higher value contactless transactions. How long it takes for the innovations to develop and become available is anyone's guess, but we could now be seeing the enabler technologies for payments to truly become both convenient and safe at the same time.
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