By Security-focused wearable company HyperRing has entered into a strategic partnership with fintech company KOYPAY, unveiling a new payment feature for its innovative wearable device.
Named HyperRing Pay, the collaboration between the two firms will allow users to make seamless contactless payments, further enhancing the ring’s existing multi-factor authentication (MFA) capabilities.
Expanding functionality through wearable payments
The launch of HyperRing Pay integrates payment functionality into the already robust HyperRing, which previously focused on providing secure authentication solutions.
By tapping into KOYPAY’s advanced payment infrastructure, HyperRing Pay users can easily load funds onto prepaid cards linked to their devices, with support for a wide range of currencies, including both fiat and cryptocurrencies.
The ability to top up prepaid cards is provided through the HyperRing Pay app or online, giving users the flexibility to manage their funds conveniently.
The solution is compatible with Visa and Mastercard terminals globally, allowing consumers to tap and pay at any point-of-sale (POS) terminal using their HyperRing.
“HyperRing aims to offer a reliable extension of one’s digital identity,” explained Joy Zhang, CEO of HyperRing.
By adding payment capabilities, we’re taking a significant step towards a more complete digital-native experience where the wearable can be used to validate identity, authenticate transactions, and now, make secure payments effortlessly.
B2B focus and custom branding options
The joint venture between HyperRing and KOYPAY primarily targets the B2B market, enabling businesses and communities to issue prepaid cards linked to HyperRings for their users.
This solution provides a white-label option, allowing companies to add their custom branding to both the wearable rings and the associated prepaid cards.
Every end user will receive both a virtual card and a wearable HyperRing, with the option to add a plastic backup card.
The rings’ discreet and sleek design offers users a contactless payment solution that combines convenience and subtlety.
Jacky Tsoi, Founder of KOYPAY, shared his enthusiasm about the partnership:
Our collaboration with HyperRing aligns with our mission to bring cutting-edge financial solutions to our clients. We’re confident that HyperRing Pay will open up new markets and create opportunities for issuers while offering an innovative, game-changing wearable technology.
A frictionless payment journey for users
HyperRing Pay’s payment solution is sensorless and battery-free, providing a seamless and reliable payment option without the need for frequent charging or complicated setup.
This frictionless approach makes it a viable alternative to traditional mobile payment methods, giving users the flexibility and ease of contactless payments while maintaining the security benefits of HyperRing’s MFA technology.
The collaboration between HyperRing and KOYPAY represents a significant step forward in the wearable tech space, blending security and convenience for a broader user base.
With its aesthetic design and innovative features, HyperRing Pay offers a glimpse into the future of contactless payments in a digitally connected world.
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