Forget Your Phone at the Checkout: Hungarians Are Paying with Rings

A new card-free payment alternative has appeared on the Hungarian market: more and more people are using payment rings based on passive NFC technology. Although surveys predicted a breakthrough among Generation Z, experience shows that the solution is primarily used by people over the age of 35. We spoke with Virág Kis, RingPay's Business Development Manager for Hungary, about the company's local launch, banking partnerships, and the future of payments.

More and more people in Hungary are now paying at checkout counters with a simple hand gesture using smart payment rings. While research suggests that Generation Z is the most open to wearable technology, a significant portion of Hungarian users comes from the 35+ age group, with some customers even in their seventies. 

The technology behind the product is surprisingly simple, yet highly secure. RingPay rings contain a passive NFC chip with an antenna running around the edge of the ring. One of the biggest advantages over smartwatches or smartphones is that the ring does not require charging. It draws the small amount of power it needs directly from the payment terminal (POS) during the few seconds required to complete a transaction. 

Many people are initially concerned about what would happen if they lost the ring or if it were stolen. However, the security level is equivalent to, or even safer than, that of traditional bank cards. Thanks to Fidesmo's tokenization technology, payment terminals and merchants never receive the actual card details, only a token, essentially a unique long numerical identifier. In addition, purchases above HUF 15,000 require a PIN code, just like a physical payment card. If the ring is lost, users can instantly block it through the mobile application with a single tap. 

After purchasing a ring, which requires only a one-time payment with no monthly fees or transaction charges, users download the RingPay application. By tapping the ring against their phone, the NFC technology recognizes the device. After entering their card details and completing a security verification step, the ring can be activated within 30 seconds and is immediately ready for use, explained Virág Kis, RingPay's Business Development Manager for Hungary, in an interview with Economx. 

Although research conducted by both Visa and the company suggested that people under 30 would be the primary adopters of the technology, surprising demographic trends have emerged since the Hungarian launch. 

"We see that most of our customers are between 35 and 45 years old, but we also have many users in their 50s, 60s, and even 70s who absolutely love this payment method. We are also seeing more female customers, although men still make up the clear majority," said Virág Kis. 

One of the main drivers of popularity is convenience. Whether at the beach, exercising, or attending summer festivals, users no longer need to worry about carrying a phone or wallet. The rings are completely waterproof and can withstand salt water, swimming pools, and thermal baths. 

For a payment ring to work directly with a payment card, a bank must integrate the tokenization platform provided by Fidesmo. In Hungary, CIB Bank was the first to take this step, becoming the country's first banking partner at the end of November. According to Virág Kis, the bank demonstrated strong openness toward innovation, and the project benefited from a fast and flexible collaboration. 

The ecosystem continues to expand. Customers of Gránit Bank and Revolut can now directly connect their payment cards to the ring. Users whose accounts are held with other Hungarian banks can utilize Curve, a free fintech platform, to digitize their existing cards and then link the Curve virtual card to their RingPay ring without difficulty. 

The British parent company behind RingPay, Money Carer, which has a 19-year history, is not solely focused on convenience. In the United Kingdom, the company operates a financial management platform called "Monika" (Money Management), designed to support vulnerable individuals, including people living with dementia and those with physical or mental disabilities. The service helps manage finances securely in cooperation with local authorities and law firms. 

In terms of product development, the company will soon introduce new premium-quality, slimmer ring designs and payment-enabled bracelets. To simplify the purchasing experience, RingPay has already launched an AI-powered ring-sizing tool on its website. Using a standard bank card and a smartphone camera, customers can accurately determine their ideal ring size within seconds. 

The wearable payments market continues to grow rapidly. RingPay is already expanding beyond Hungary into neighboring countries including Austria, Slovenia, Romania, the Czech Republic, Italy, and Poland, as well as Germany, Spain, and the Nordic region. It increasingly appears that the era of carrying wallets and pulling out smartphones at the checkout may be coming to an end. Perhaps the future of payments really is right at our fingertips