Fintech & Ecommerce

Payment Ring Users Won’t Replace It With Another Payment Method

Nine in ten European payment ring users prefer this payment method to all others, according to a recent survey.

Mastercard’s “Smart Wearables Study 2023” survey shows that European consumers who have already adopted the payment ring prefer it to other contactless payment methods.

Among this category of consumers, the NFC ring is the preferred payment method for 89%. The payment ring priority is followed by smartphones (49%) and payment cards (44%).

Some of the main reasons the surveyed consumers quote for payment ring preference include the desire to make payments quickly (82%), to be at the forefront (69%) and to feel fashionable (31%). Among different age cohorts, various priorities prevail though. While, for younger people, the feeling of being fashionable (38%) dominates as a motivation to use this type of payment service, senior consumers prefer it mainly for safety reasons (32%).

The results of the given survey were published dedicated to the launch of a new payment ring by Intesa Sanpaolo and Mastercard in collaboration with Tapster, a Swedish provider of innovative contactless payments.

The new payment ring product is made of wood and ceramic. It does not require any battery charge or internet connection to operate, using an integrated NFC chip for performing transactions. The ring is connected to the Intesa Sanpaolo card of the Mastercard network.

“Mastercard has always been committed to introducing innovative and digital solutions aligned with an increasingly smart and digital consumer lifestyle. Payment rings represent a further step towards the spread of the internet of things, where even accessories that we wear and that are part of our personal style become tools that, through a single gesture, simplify our daily lives. We are pleased with this new collaboration with Intesa Sanpaolo and Tapster that focuses on the spread of increasingly secure, simple and fast payment solutions, in step with the times.”

Luca Fiumarella, Head of Marketing Italiy at Mastercard

NFC-enabled rings are a significant part of a growing wearables market. As the use of contactless NFC payment technology surges, wearable payments market is expected to surpass $7 billion by 2024, seeing revenue boost up to 140%. The growth is forecast to be stimulated by market diversification, smartwatches, new vertical applications, and increasing contactless adoption.

Nina Bobro

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https://payspacemagazine.com/

Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.