Thanks to considerable technological advances, people won’t have to bring wallets or bank cards with themselves when going out or going shopping. They will just need to wear rings, necklaces, jewelry or mobile things that can be used to make payment at POS.

Such payment rings will be introduced into the Vietnamese market next month after successful experiments.

The magic ring has an NFC chip inside and it can be used as a payment device at NFC-based POS. This payment method has been applied by Apple and Samsung on their smartphones integrated with NFC.

No bank cards or wallets are necessary. Just  tap the ring integrated with NFC (Near Field Communication) chip at a POS (point of sale), and a payment transaction will be implemented.

Regarding the ring, it can be used as an independent device, but there is no need to connect with any users’ devices.

In order to make payment, users need to extend the ring close to an NFC-based POS, no need to touch it. And everything will be made automatically. The payment method is called the ‘tap and pay’ method.

Besides the black version, the ring can be white or bear any other colors.

NFC chips can be integrated in mobile phones and plastic cards, or it can be made as a sticker to adhere to any subject and work as a payment card.

One can stick NFC-integrated stickers to any object and then use the it to make tap-and-pay payment. The process goes as follows: user installs an app from suppliers on his mobile phone, then uses the app to register the ring, or any other subject with NFC, as his payment device.

When he comes to the shops where there are NFC-based POS, he needs to extend the ring close to the POS.

Certain amounts of money will be deducted from his bank account (the bank account was declared before on the app).

This payment method is a growing tendency in the world and it will also be applied in Vietnam. With NFC rings, users won’t have to implement a series of operations. As they won’t have to take out bank cards, their information will not be exposed.

Meanwhile, tap-and-pay method will allow  quick transactions 

Vuong Le Vinh Nhan, CEO of TRUSTpay Viet Nam, the solution provider, said about 200 machines would be marketed in Vietnam from June.

Vietnamnet.vn