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The payment ring winning over South Africa’s banks
['Duncan Mcleod']
TechCentral
VezoPay, the South African company behind a battery-free tap-to-pay smart ring, has quietly gone live with Investec and Absa, taking its roster of banking partners to four in under a year.
Each institution runs its own internal governance and approval process, followed by a separate South African Reserve Bank sign-off.
The gold ring has been reworked with more bevelled edges after buyers complained it caught between the fingers, and has moved from 21-carat to 18-carat.
One bank card can be tokenised at a time.
Beyond South Africa, two banks in Mauritius are testing the product, with beta programmes under way in three other African markets.