OTI debuts payments ring as concept for IoT payments

Israeli mobile technology company On Track Innovations (OTI) hopes to cash in on the trend toward fashion-direct payments by embedding transaction functions inside a ring.

Called the Ring of Things, the silver and onyx ring is web connected and supports contactless payments technology, motion control and smartphone notifications. The ring is built off of OTI's PayEnable platform, which aims to turn everyday devices into payment devices to lure businesses such as jewelry, travel agents, automotive companies and home appliance makers.

The ring contains a small computer that senses motion and transmits data to external devices, enabling contactless payments. OTI partnered with DigiSEq, which provides provisioning technology that gives OTI control over processing and enables OTI's clients to provision PayEnable products such as rings and other devices.

Remigiusz Pirog (Remik)/remiqp - Fotolia

In its release, OTI cited research from Tractica forecasting wearable payments growth of nearly 200% yearly between now and 2020, making it a $500 billion market by the end of the decade. That would suggest potential future demand for ring payments, which have been percolating for the past few years without developing a huge market.

"It's a very exciting time to be part of the Internet of Things revolution," said Shlomi Cohen, OTI's CEO, in a release. "The tiny form factor and easy to integrate nature of our payment technology is a great fit for any wearables manufacturer wanting to gadgetize and add secure cashless payment functionality to their existing products."