No Card, No Phone: Al Rajhi Bank Lets You Pay for Purchases with Ring on Your Finger
Al Rajhi Bank has announced the launch of a wearable smart payment solution in the form of an electronic ring, enabling customers to complete purchases without needing to use bank cards or mobile phones.
The bank explained that the ring works in a similar way to a supplementary mada card linked to the customer’s current account. It can be used to make payments by holding it in front of point-of-sale terminals that support contactless payment technology.
https://x.com/alrajhibank/status/2109711196865605959
The bank added that the new product is designed to provide an easier and more flexible payment experience for everyday transactions, allowing users to make purchases quickly and smoothly simply by tapping the ring on a payment terminal. This enhances digital payment options and keeps pace with the development of smart payment solutions.
The ring offers greater freedom while shopping, traveling, and carrying out daily activities, as payments can be made without the need for a plastic card or a mobile phone.
Al Rajhi Bank’s ring does not require a battery or charging to make payments, making it a practical payment method that is ready for use at any time. The ring is available in different sizes.
It also provides a secure payment experience based on the security technologies and standards used in global contactless payments.
Issuance Fees
The issuance fee for Al Rajhi Bank’s ring is SAR 150, while annual fees are free. If the ring is lost, damaged, or the PIN is entered incorrectly three times, it will be reissued for a fee of SAR 150. The renewal fee is also SAR 150, while the delivery fee is SAR 30.
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