Infineon offers contactless security chips for the world's first NFC payment ring

June 22, 2021

Whether it's on the beach, jogging every day, or in the gym – from now on, everyone can safely carry “cash” anytime, anywhere. NFCRing has launched the world's first EMVCo-compliant payment ring using non-contact security chips from Infineon AG (FSE: IFX / OTCQX: IFNNY). This compact, waterproof, smart wearable device has the same payment features as a contactless payment card. Users only need to shake the finger with the ring close to any payment terminal that supports EMVCo non-contact standard, and the payment can be easily completed. This pay ring uses Near Field Communication (NFC) technology to transmit data over short distances of only a few centimeters.

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NFCRing's Chief Operating Officer Shelly Silverstein pointed out: "Infineon's security chip is the only solution that enables us to implement NFC payment rings while meeting EMVCo's most stringent non-contact performance requirements. NFCRing users can now design new fashions Accessories, enjoy a safe and convenient payment service."

Infineon's security solutions are used in almost half of all payment card chips released worldwide in 2015. To make card-free payments easier and more convenient, Infineon has optimized its own contactless technology for payment applications – even the smallest smart wearables.

Thomas Rosteck, global vice president and general manager of secure mobile trading at Infineon Technologies, said: "Our chip technology enables smart wearable devices to be used for payment like a prestigious bank card, and more convenient. NFC-based technology is near Field payments are clearly on the rise, and smart wearables payment solutions will fuel this trend, allowing consumers to pay without pockets."

As a global standard, EMVCo promotes global interoperability and acceptance of secure payment transactions. The relevant specifications and test certifications are managed by six EMVCo member organizations - American Express, Discover, JCB, MasterCard, China UnionPay and Visa.

Enhance convenience without sacrificing security

NFCRing has just released the product, the world's first payment ring with security chip and passive contactless antenna, EMVCo-compliant. For non-contact system developers, the small surface area and size and shape of the ring are not the only obstacles they must overcome. There is no battery for this pocket-sized smart wearable device, and non-contact data transmission without the need to remove the ring, making it more difficult to use this ring for contactless payment.

Despite this, developers have overcome all of these challenges thanks to Infineon's energy-efficient payment security chip. The chip establishes communication with the payment terminal through its pocket passive antenna, triggering secure payment and encryption processing. In addition, it is the only security solution on the market that can meet millisecond processing time requirements while supporting up to 4 cm of read range.

Infrastructure is in place

Infineon's silicon solutions enable secure payment for new smart wearable devices. Smart wearable devices such as watches, bracelets or keychains that support payment functions are no longer just fashion accessories, they also bring real added value to consumers. According to IHS Markit's 2016 study, the number of smart wearable devices will increase from the current 119 million to 340 million in 2020. These advantages are just one of the factors driving this growth. The rapid expansion of contactless infrastructure based on internationally recognized NFC standards is also driving the development of new business models.

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