K Ring is the first contactless payment ring with Mastercard. In the wearable market, K Ring is quite innovative, because it brings touchless payment to the next level. Because it works with Mastercard, K Rin is compatible with many merchants. You should be able to use the K ring in public transport networks, taxis, cinemas, cafes, restaurants and stores. Fortunately, there are some protection mechanisms to prevent accidental payment. The system will activate the payment immediately if the ring is within 4cm from the payment terminal. It is important to make sure that the retailer initiates the transaction only when the buyer is ready to pay. So, users of the K ring must also be conscious of everything that they do. When making foreign transactions, the statement should also show related fees. One huge concern about K Ring is its security level. There are concerns that touchless payment systems are less secure. However, as long as users keep their hand away from any terminal, it should be safe. After making a payment, users can immediately check their bank account through a smartphone to verify the transaction. They should do this immediately do this inside the store after completing a big purchase. If there’s an unusual activity, users can resolve it immediately.
Contactless Payment at your fingertip
With K Ring, the whole solution should be as safe as using PIN or biometrics. Encryption works on the transactional data. One thing that makes K Ring very safe is the fact that it won’t leave your finger. It is possible for people to steal your smartphone, credit card and even biometrics data. To further prevents accidental transactions, you can switch the K Ring on and off. Another important fact is that K Ring doesn’t require charging and it has no battery. K Ring gets a small amount of power from the terminal when making a transaction through electromagnetic induction. The K Ring has an electronic module under a hard resin and it’s completely waterproof. The outer part of the K Ring is scratch resistant and very hard. The Zirconia Ceramic material is even more durable than regular titanium ring. However, it is possible for the K Ring to get damaged if you drop it accidentally on hard pavement. Be aware that just like your credit card, K Ring will also expire or specifically, it applies for 4 years after the original date of issue. However, there’s a notification 30 days before the actual expiration date. You can make a plan when to get a replacement ring to continue making touchless payment.
If the K-Ring already reaches it expiration date and you don’t need it anymore, you can return it later free of charge. It is safer and better for the environment to let the company handle the unused ring. As a responsible user, you shouldn’t contribute towards accumulating waste. In the UK, FCA authorizes K Ring with the Electronic Money Regulations 2011 about the use of payment instruments and issuance of e-money.