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Imagine your partner gives you an attractive wedding ring loaded with real cash with which 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 the company with its partner– Transcorp– is trying to introduce in India. McLear’s Ring works on RFID technology and uses a smartphone app to map the data of your credit or debit card on the Ring.

The McLear Ring looks exactly like a jewellery which you can customise and wear on any of your fingers and simply tap on any contactless POS to make payments. So, instead of tapping your credit card on the POS unit, you will be tapping your ring to pay.

WATCH VIDEO: Make Payments With This Ring: Next Big Thing In FinTech? | McLear RingPay

To make sure that the Ring is safe and you do not get skimmed at crowded places, you will actually have to make a hand gesture to make the payment. This negates the risk from anyone carrying a wireless POS terminal tapping on your ring to steal your money when you are distracted.

The Ring is not officially available in India, however, if someone from the UK already has an active RingPay paired with their VISA or MasterCard then he or she can make transactions in India easily. Daniel Blondell, Chief Operating Officer, McLear in interaction with News18 Tech said, “Transcorp is McLear’s partner in India. You can pick up a RuPay version of the Ring which works in India seamlessly.”

Transcorp has already partnered with the Junio App and RuPay to enable transactions with Ring Pay. “We are working really hard to make the Ring available in India,” added Blondell.

The Ring by McLEAR doesn’t need to be charged at all thanks to RFID technology. The RingPay companion app allows users to track spending, cashback earned and can be used to lock the device instantly. “In case you misplace the Ring, you can disable it from the smartphone app,” he said.

The Ring is made from “high-purity zirconia ceramic” and the company claims it to be “highly scratch resistant”. “It is tested to withstand breaking throughout all normal day-to-day use – and is fully waterproof. The ring will not cause skin irritation as well due to its hypoallergenic properties,” claimed Blondell.

“We have been working with the National Payments Corporation of India (NPCI) for around 5 years now. We were present at the Indian FinTech festival last year and made an announcement with NPCI and Transcorp to launch the first Ring in India. The conversations are exciting and we are hoping to make it big in India soon,” he added.