VezoPay, a South African company founded by Jacob Pinkus and Lawrence Baker, has launched Africa's first bright payment ring, beating tech giants like Samsung and Apple to the market.
The VezoPay ring offers a contactless payment solution without needing wallets or phones. The ring operates without batteries and is shockproof, dustproof, and waterproof, states Vezopay. Users can make payments simply by placing their hands near a payment terminal.
VezoPay ensures the security of payment information on their smart payment ring through tokenization. This replaces sensitive payment details, like credit card numbers, with a unique string of random characters known as a token. This token has no value or meaning outside the transaction, making it useless to anyone who might intercept it. VezoPay's rings use this technology to store only these tokens, not the actual card information, ensuring that the user's financial data remains safe even if the ring is lost or stolen.
Additionally, the VezoPay app allows users to remotely deactivate the ring if needed, adding an extra layer of security. This approach, approved by major payment networks like Visa and Mastercard, ensures that payments are secure and convenient.
VezoPay is also working with several South African banks to integrate its solution and has received backing from notable investors, including Phuthi M., CEO of Naspers Limited South Africa. With plans to expand beyond payment rings, VezoPay envisions a future where wearable technology enhances everyday life without becoming a distraction.
