Visa to unveil ‘debit rings’ in Rio Olympics

There’s a sixth ring that will roll out in the upcoming Summer Olympics in Rio de Janeiro in Brazil.

International financial services company Visa announced on Thursday that it will unveil NFC (near field communication)-enabled payment rings to 45 Team Visa athletes representing the company. Prepaid money is stored in the rings, which can be reloaded and hovered in 4,000 NFC-capable POS terminals in the different Olympic venues.

In a report by CNN Money and Techradar, these rings, which come in white or black ceramic, are waterproof–they can be submerged underwater up to 50 meters (164 feet), and do not require either electronic charging or batteries.

Using its Visa Token service, the wearable prototype can be used when it is scanned over the sensor on a card reader for payment.

Missy Franklin, a four-time Olympic gold medalist for swimming, mentioned in a statement, “As an Olympian, rings have a special meaning to me. The Visa ring is a great innovation that I know all the athletes competing in Rio will enjoy as it will be.”

“It’s great to go from a competition to purchase [something] without having to carry a wallet or card.”

Visa is the only card accepted at the Rio Olympics, which will begin on Aug, 5, and the company is notable for experimenting cutting-edge prototypes in every sponsored event such as the Olympics.

It is expected that Visa will develop the technology for its millions of clients later this year. Gianna Francesca Catolico