Ever felt like whipping out your smartphone or — heaven forbid — your debit card was just a little too much hassle when it comes time to pay up at a restaurant or while grocery shopping? Probably not, but that hasn’t stopped South African fintech start-up VezoPay from developing South Africa’s first smart payment ring.
The company just snagged itself a partnership with FNB, promising customers a “secure, everyday payment solution” that’s certified by both Mastercard and Visa, and enabled by Fidesmo. Picking up a VezoPay ring of your own will cost, however, ranging anywhere from R2,500 for the basic model to R21,000 for the ‘Signature’ model.
One VezoPay Ring to rule them all?
The ring uses built-in NFC, like many modern smartphones and banking cards, to allow for on-the-go payments. FNB’s Private Bank and RMB Private Bank customers can use the ring, assuming they can afford one in the first place. Customers curl their hand into a fist, tap it to the POS terminal, and voila — their money is gone.
It’s a good move for FNB, which has seen “exponential” growth in the contactless payments space. As of August 20025, the bank reported that digital-wallet spend had surpassed R200 billion. 58% of those sales came from FNB’s own virtual cards. “Digital wallet spend now accounts for 25% of all retail customer spend,” it continued.
“Our partnership with VezoPay is a natural extension of our digital payment ecosystem. We’re bringing innovative, wearable solutions to our customers ensuring that we meet them where they are and elevate their financial journeys. This new collaboration provides customers with access to world-class payment solutions, something they have come to expect from FNB. The payments offer greater convenience, enhanced security, and more flexibility in how they choose to transact,” said Senzo Nsibande, CEO of FNB Credit Card.
As for the rings themselves, VezoPay currently sells four models — the cheapest coming in at R2,500. If you don’t mind flaunting 18-karat gold on your finger, you’ll need to shell out R21,000 (and an extra R1,000 for a rose gold finish) for the VezoPay Signature. The best thing we can say for the rings is that they require no charging.
This isn’t VezoPay’s first time around the block, having previously secured itself a similar partnership with Nedbank in 2024, according to TechCentral. According to the company’s website, however, it lists several banks as “coming soon”, including Nedbank, Investec, Absa, Standard Bank, Capitec, and TymeBank.
