South Africans Launch New Payment Ring

A South African company called VezoPay has launched a smart payment ring that allows users to ditch their wallets and even their phones when making purchases.

This new payment ring, developed by South African entrepreneurs Jake Pinkus and Lawrence Baker, is set to disrupt the fintech industry and provide a more convenient and secure payment solution for consumers.

VezoPay’s payment ring comes in three distinct models: the X Ring, the Classic Ring, and the Signature Ring.

The X Ring is made from ceramic and available in three colors – black, white, and pink – with either a gloss or matte finish, starting at R2,100.

The Classic Ring is crafted from silver, offered in both matte and gloss finishes, with prices starting at R3,500.

The Signature Ring is available in yellow gold and rose gold, ranging from plated options to solid 18-carat gold, with prices varying from R5,000 to R28,950.

New Payment Ring Launch by South Africans: Effortless and Secure Payments

The standout feature of VezoPay’s payment ring is its passive nature, which sets it apart from other payment methods that require regular charging, screen interaction, or additional authentication steps.

The ring is designed to be low-maintenance, shockproof, dustproof, and waterproof, and never needs to be charged.

Users can simply place their hand near a payment terminal to make a transaction.

“Our goal is to make payments as painless as possible,” said Pinkus, the co-founder of VezoPay. “Money makes the world go round and we want to ensure that moving it is as easy as possible for everyone involved.”

The payment ring’s security is also a key focus for VezoPay.

The company uses a tokenization process to ensure that no actual card data is stored on the device, meaning that even if the ring is lost or stolen, the user’s financial information remains safe.

Driving Innovation in Payments

VezoPay’s ambitions extend beyond the payment ring, as the company plans to explore other forms of wearable devices in the future.

The founders believe that wearables are the next frontier in the evolution of payment technology, and they aim to be at the forefront of this innovation.

“Phones have reached a point where improvements are incremental. Wearables are the next frontier. Our ring is just the first step towards a future where technology enhances life without becoming a distraction,” said Pinkus.

By collaborating with banks and other financial institutions, VezoPay hopes to create a more open and innovative payment ecosystem in South Africa.

The company is currently in the process of onboarding several local banks, although the founders have not yet disclosed their names.

With the backing of prominent investors, including Phuti Mahanyele-Dabengwa, the CEO of Naspers South Africa, and two Investec executives, VezoPay is well-positioned to lead the charge in transforming the payment landscape in South Africa and beyond.

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