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Payment ring vendor McLear joins Multos Consortium

Source: Multos Consortium

The MULTOS Consortium, a group of international blue chip organisations responsible for the promotion and development of the MULTOS specifications, announced today that McLEAR, a leading technology company supplying innovative smart payment rings has joined as a Partner Member.

MULTOS is a proven security technology for digital devices providing high security and flexibility. As a secure micro controller or a crypto co-processor, MULTOS protects smart cards for payments and identity, wearables and other connected devices. The Consortium consists of successful global companies respected in their fields of secure payments, identity, IoT, information technology, and digital security. These members form the beating heart of the MULTOS eco-system and as a member, McLEAR will be able to participate in the MULTOS Business and Technical Architecture Groups allowing them to contribute towards the development and growth of MULTOS whilst also benefiting from the Consortium’s marketing, technical, and networking resources.

Contactless is rapidly emerging as the preferred method of payment worldwide and is fast becoming the leading application in-demand by consumers for NFC wearable technology. Not surprisingly, there are a variety of supporting wearable devices available today. Some of the most convenient and consumer friendly are the passive type that require no charging or batteries to power them and function in a similar way to the widely used contactless cards. Secure chips such as MULTOS secure elements and other types are often employed within wearable payment devices to provide the all-important secure storage and processing of payment digital credentials. Convenience, user value and security are key attributes expected to continue driving the growth of this market.

McLEAR are a dynamic and pioneering company who initially led the design and marketing of convenient smart payment ring products and solutions. Having evolved over time and through leveraging consumer feedback, their function rich and user-friendly RingPay product and supporting app is allowing ever-more life-style focused consumers to not only enhance the convenience of their daily payment interactions, but also to leverage a variety of additional features including financial, social, and personal benefits. The user-valued attributes within their solution are market leading, having recently secured the UK Fintech award for online initiative of the year and are built on robust convenience and security foundations.

Daniel Blondell, Chief Operating Officer said “Our Payment Ring was born from a need of ‘seamless’ convenience, and that has been the backbone of our thinking ever since. RingPay by McLEAR gives its users a unique user experience with convenience at the forefront which is hard to describe until you use it. The easiest way to describe this is to think about all the things you carry on a typical day, car keys, house keys, bank cards, office pass, transit pass…, then imagine all those things being combined in a single device that you simply wear on your finger! That’s our vision and payment is the start of that journey. We welcome the support of MULTOS and are delighted to join the established global MULTOS Consortium and look forward to collaborating to assist with our mission and vision for future evolution”.

“MULTOS has a long heritage in securing contactless payments around the world and has often been employed to support innovative and evolving applications making it an ideal technology for advanced wearable devices,” said Paul Wilson, Commercial Manager of the MULTOS Consortium. “McLEAR are a clear leader in the passive payment wearables market and are a welcomed partner to the MULTOS Consortium and eco-system. Often considered as having a high 'cool factor', life-style enhancing technology such as McLEAR’s will no doubt become increasingly mainstream in the years to come, and we are delighted to support McLEAR with their business going forward”.

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