Kerv, a London-based developer of a payment-capable ring, has reached its funding goal on the Kickstarter crowdfunding site.
The company plans to use the funds to produce a ring with an embedded Near Field Communication capability linked to a prepaid MasterCard account. The product would enable wearers to pay at NFC-equipped terminals by placing the ring near a contactless card reader.
The company reached its £77,000 funding goal on Oct. 12 and currently has 1,563 backers. The crowdfunding campaign ends Oct. 26 and Kerv expects to ship rings to backers by April 2016. Users would manage the Kerv account from a mobile app to change the funding method, establish spending limits and alerts, pay bills and freeze or unfreeze the account. Transactions at the point of sale would be subject to the same payment limits that contactless cards are subjected to in each region (£30 in the U.K., $25 in the U.S., etc.).
Similar products, such as the NFC Ring (another Kickstarter-funded effort) and VivaLnk's NFC tattoo did not have the same focus on payments. However, there is a growing number of options for wearable payments including Barclaycard's growing catalog of bPay attire, the Apple Pay-enabled Apple Watch and Walt Disney Co.'s MagicBand.