Testing a new payment ring that lets South Africans leave their wallets and smartphones at home
We got our hands on the new Vezo Ring from VezoPay, and found that it has the potential to be a game-changer for anyone who values convenience, style, and security when making payments.
The Vezo Ring looks just like any normal ring – but embedded in it is a chip and antenna that allows it to operate like a tiny bank card wrapped around your finger.
Unlike other tap-to-pay solutions – such as smartwatches – the Vezo Ring doesn’t require a smartphone for daily use, nor does it have a battery that needs to be charged or replaced.
This makes it attractive to those who want to live a minimalist lifestyle, and it also serves as a great complement to your existing high-tech lifestyle.
Even if you have every other technology device – such as a smartphone, smartwatch, etc – there is no easier way to make payment than simply raising your finger to the point-of-sale device.
It is therefore the ultimate wearable payment device – making it a must-buy for anyone who values technology’s role in improving their life.
VezoPay also has the trust and backing of South Africa’s biggest investors, such as Naspers South Africa CEO Phuti Mahanyele-Dabengwa and, most recently, Payfast founder Jonathan Smit.
Mahanyele-Dabengwa is also a co-founder and former CEO of Sigma Capital, and was named the All Africa Business Leaders Awards (AABLA) Business Woman of the Year in 2019.
Smit is the visionary founder of Payfast – South Africa’s leading online payment gateway, and one of the largest fintech solutions in Africa – who is unique in his combination of technical and business acumen.
Having the backing of these notable investors, combined with their incredible experience in financial services and innovation, positions VezoPay and its Vezo Ring to become a huge hit in South Africa.
Suited to everyone
What we really like about the Vezo Ring was that it did not compromise style for function.
In terms of its build, it looks like a normal ring – meaning nobody will know it is a wearable piece of tech until you use it to make a payment.
It also has a lightweight design, is extremely durable, and is waterproof, dustproof, and shockproof.
VezoPay has announced that its Vezo Ring will be available in a wide range of stylish ring designs, ensuring there is a colour, material, thickness, and finish to suit every user.
This includes:
- X Ring – Available in Midnight Black, Pure White, or Rose Pink.
- Classic Ring – With gloss or matte finish.
- Signature Ring – 18 Karat Gold – each in a Yellow Gold or Rose Gold colour.
The Vezo X Ring is the most affordable of the rings, while the Signature Ring is the premium option and the apex of luxury.
Once you have picked a style that suits you best, you can choose from extensive configuration options – such as various colours, gloss or matte finishes, and a wide or slim trim.
They are sized according to standard South African jewellery ring sizes, too, to ensure your ring fits you comfortably.
Watch the video below to see the Vezo Ring in action:
Setting it up
Setting up the Vezo Ring is a breeze, and it took us only a few minutes from unboxing the ring to making our first payment.
We simply downloaded the ring’s smartphone app – currently in its testing phase while VezoPay develops an improved interface – and added our new Vezo Ring using NFC.
With our ring registered on the app, the next step was linking it to our banking app.
After a quick and secure verification from our bank, we were ready to make payments with a simple tap of the ring on a point-of-sale machine.
The colleague whose account we linked the ring to told us that what stood out to him the most was how the Vezo Ring immediately became his default payment choice.
“It was so convenient and dependable that I felt totally confident leaving my wallet behind,” he said.
He emphasized that it was easily the simplest way to make payment out of all the options he had – which included tapping his card or smartphone.
He also noted that whenever he paid using the Vezo Ring, people reacted strongly to how incredible this technology is.
“It was awesome to use the ring and see all of the confused and excited reactions – that was one of my favourite parts of the experience.”
Security – no skimping, no skimming
When it comes to payments, security is a critical concern for every South African.
We therefore asked VezoPay co-founder Jake Pinkus how the Vezo Ring keeps financial data secure.
Pinkus explained that the Vezo Ring uses advanced tokenisation, which takes the details of your bank card and ensures they are never exposed when you pay using your Vezo Ring.
Instead, the ring uses a virtual ‘token’ authorised by your bank card provider – the same way a virtual card works.
If a malicious actor were to intercept the token or steal your ring, they would not be able to access your bank details – nor would they even know the ring is linked to your bank account.
The Vezo Ring offers additional security in the form of a maximum tap-to-pay limit of R500, too. Thereafter, any transaction will require that you enter your PIN to protect yourself against malicious parties.
You can even pause and un-pause the ring’s payment functionality on the app instantly.
An additional, indirect safety benefit is its disguised nature – as it doesn’t look like a wearable tech device.
Criminals know that stealing your smartphone or smartwatch means they can potentially use these devices to make payments. If they steal your ring, however they will see it as nothing more than jewellery – and are unlikely to know that it has a built-in payment feature.
Availability
We were extremely impressed with the seamless user experience and convenience of using the Vezo Ring.
VezoPay is currently in the process of onboarding all the major banks in South Africa and will launch the Vezo Ring following the conclusion of these agreements.
In the meantime, you can click here to reserve your Vezo Ring for free.
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