NFCRing Inc. has introduced what it claims is the world's first EMVCo-compliant payment ring. The design incorporates a contactless smart chip from Infineon Technologies AG, according to a joint press release from the companies.

The tiny, waterproof wearable works like a contactless payment card. Users can complete a purchase by holding the finger wearing the ring close to an EMVCo contactless-enabled payment terminal that uses NFC technology.

"The Infineon security chip is the only solution available on the market that allowed us to realize the NFC payment ring while still meeting EMVCo’s toughest contactless performance requirements," said Shelly Silverstein, COO at NFCRing Inc. "NFCRing users now have a secure and convenient payment experience with a fashionable accessory in an attractive design."