HyperRing Enables Contactless Payments Thanks to KOYPAY Collaboration

Security-focused wearable company HyperRing announced that it has partnered with fintech platform KOYPAY to expand on HyperRing's functionalities. As a result of the new partnership, HyperRing Pay payment system is kicking off for public usage.

HyperRing scores partnership with KOYPAY, introduces HyperRing Pay solution

HyperRing, a producer of eponymous wearable rings with data storage functions, and KOYPAY, fintech processor for Web3, shared the details of a long-term strategic partnership. The joint venture between the two companies will see the creation of HyperRing Pay, enhancing the smart device’s functionality to support contactless payments.

The creation of HyperRing Pay introduces ring payment functionality to the wearable’s core multi-factor authentication (MFA) technology. With HyperRing Pay, users can effortlessly load funds, make secure transactions and enjoy a frictionless payment journey with their devices. As the HyperRing is sensorless and battery-free, the user will have a reliable and convenient payment option to supplement traditional mobile pay methods.

Joy Zhang, CEO of HyperRing, explains that the adoption of devices supercharged by the fresh partnership can make users' lives easier:

Our vision for the HyperRing is to create a reliable extension of a citizen living in a digital native society - where they can use the device to validate their identity, authenticate their transactions, pay contactless everywhere, have physical access to spaces and events, be a part of private communities and more. The inclusion of payment capabilities is an exciting step towards achieving this vision.

HyperRing Pay users can enjoy the flexibility of topping up prepaid cards associated with their rings using a wide range of currencies, including both fiat and cryptocurrencies, thanks to KOYPAY's payment infrastructure.

Topping up can be done online or through the HyperRing Pay app, providing flexibility for users. Compatible with Visa and Mastercard terminals worldwide, HyperRing Pay allows consumers to effortlessly tap and pay at any point of sale (POS) terminal. 

More B2B accomplishments for HyperRing Pay to come

Jacky Tsoi, founder of KOYPAY, highlights the importance of this accomplishment for the roadmap of the product and its ecosystem:

The HyperRing Pay partnership perfectly aligns with our core focus of bringing innovative solutions to the financial sector. We are excited to introduce this game-changing wearable to our B2B clients, which will unlock new markets and enable potential inflows for issuers.

The HyperRing Pay joint venture will focus on the B2B market, enabling companies and communities to issue prepaid cards in the form of HyperRings to their users. In addition to HyperRing Pay branding, the solution offers a white label option for prepaid cards and the wearable rings, so businesses can have their own custom branding.

Each end user will receive a virtual card and a wearable ring, with an option for a plastic card as a backup.