Indicated by: Debashis Sarkar
Last updated: June 24, 2023, 5:35 PM IST
London, United Kingdom (UK)
Daniel Blondell, Chief Operating Officer, McLear interacting with News18 Tech said, “Transcorp is McLear’s partner in India. You can pick up a RuPay version of the Ring that works seamlessly in India.
The McLear Ring looks exactly like a jewel that you can personalize and wear on your fingers and simply tap on a contactless POS to make payments. So instead of tapping the POS unit with your credit card, you tap your ring to pay.
Imagine your partner gives you an attractive wedding ring filled with real money that you can swipe to pay instead of your credit card. Sounds cool right? Well, this is exactly what McLear had launched in the UK and is trying to introduce to India with its partner Transcorp. McLear’s Ring runs on RFID technology and uses a smartphone app to map your credit or debit card information to the Ring.
The McLear Ring looks exactly like a jewel that you can personalize and wear on your fingers and simply tap on a contactless POS to make payments. So instead of tapping the POS unit with your credit card, you tap your ring to pay.
WATCH VIDEO: Making Payments With This Ring: The Next Big Thing In FinTech? | McLear RingPay
To ensure that the Ring is safe and that you are not skimmed in busy places, you will actually have to make a hand gesture to make the payment. This prevents the risk of someone carrying a wireless POS terminal tapping your ring to steal your money when you are distracted.
The Ring is not officially available in India, but if someone from the UK already has an active RingPay linked to their VISA or MasterCard, they can easily transact in India. Daniel Blondell, Chief Operating Officer, McLear interacting with News18 Tech said, “Transcorp is McLear’s partner in India. You can pick up a RuPay version of the Ring that works seamlessly in India.
Transcorp is already working with the Junio app and RuPay to enable transactions with Ring Pay. “We are working hard to make the Ring available in India,” added Blondell.
The Ring by McLEAR does not need to be charged at all thanks to RFID technology. The companion RingPay app allows users to track spending and cashback earned and instantly lock the device. “If you lose the Ring, you can turn it off through the smartphone app,” he said.
The ring is made of “high-purity zirconium ceramic” and the company claims it is “highly scratch resistant.” “It has been tested to withstand breaking in normal everyday use – and it is completely waterproof. The ring will also not cause skin irritation due to its hypoallergenic properties,” Blondell claimed.
“We have been working with the National Payments Corporation of India (NPCI) for about 5 years now. We attended the Indian FinTech festival last year and made an announcement with NPCI and Transcorp to launch the first Ring in India. The talks are exciting and we hope to go big in India soon,” he added.
