SAN FRANCISCO—Digital wallets are supposed to replace physical wallets for storing payment cards–will a ring now replace the digital wallet?
Token, a startup hardware company, has just introduced its first product: the Token ring, an identity ring designed to store payment credentials and secure privacy with a fingerprint sensor. The Token ring starts at $249 and is available for presale. The first Token rings will start shipping in December, Business Insider reported.
“The ring has a built-in fingerprint scanner, designed to ensure you're the only one who can get it to work. Once you scan your finger, the ring will light up and you can put it on. If the light turns red, the ring won't work,” Business Insider explained.
An optical sensor is also built in into the ring. According to Token, the ring can sense when it has been removed from a finger and will lock credentials. In addition, Token is waterproof up to 50 meters, the battery lasts about two weeks, and when the ring needs to be charged it sits on a wireless charging base.
Token is capable of storing credit cards and works a lot like Apple Pay or Android Pay, Business Insider stated.
“Once you add your Visa or Mastercard to the ring, you'll be able to tap it over the credit-card scanner at stores to complete your purchase,” the news outlet said.