A standout features of VezoPay’s technology is its passive nature: unlike other payment methods that require regular charging, screen interaction or additional authentication steps, VezoPay’s wearable devices, including the payment ring, are designed to be low maintenance.
The ring is shockproof, dustproof and waterproof – and never needs to be charged. Users can make payments simply by placing their hand near a payment terminal.
“The tokenisation process we use ensures that no actual card data is stored on the device,” said Pinkus. “This means that even if the ring is lost or stolen, your financial information is safe.”
This is not a fitness device though and is purely aimed at making payments as easy as possible, not requiring any wallet or phone to be carried. I’d imagine this idea could also be adapted to even unlocking access to doors or computers via NFC. It works very much like a tap-to-pay card does, as far as I can see, so no 2FA to secure it.
See https://techcentral.co.za/vezopay-payment-ring-built-south-africans/247144/