Smart rings gain popularity for contactless payments in Hungary

In Hungary, an increasing number of consumers are adopting smart rings for contactless payments. The Ringpay ring utilizes passive NFC technology, allowing it to draw energy directly from the payment terminal (POS) during a transaction, which eliminates the need for charging.

Security is managed through Fidesmo tokenization technology, ensuring that terminals and merchants receive a unique token rather than actual card data. For purchases exceeding 15,000 HUF, a PIN is required. Users can also block the device via a smartphone application if it is lost or stolen.

While research by Visa and Ringpay suggested that users under 30 would be the primary adopters, current market trends in Hungary show a significant demographic of users aged 35–45, with some users reaching as old as 70.