Moorwand, a BIN sponsor, issuer and acquirer that aims to transition compliance into an enabler of innovation, has been selected by wearables payment company, K Wearables, to provide issuing, BIN Sponsorship and digital banking services for its contactless payment ring.
K Wearables’ migration to Moorwand is being driven by its next phase of growth as it evolves the product suite and expands internationally.
Philip Campbell, Founder of K Wearables said: “No fintech is an island. Collaboration with the right partners is what distinguishes a great idea from a great product – one that’s a step ahead of consumer expectations and other market offerings. Moorwand bring a fresh collaborative approach, which made it a natural choice as we look to supercharge our next phase of growth.”
K Ring is the world’s first contactless payment ring allowing users to pay for goods and services with a ‘knocking gesture’ over a card reader. The ring is linked to a virtual Mastercard and can make contactless payments in-store up to £45 in the UK as well as on Transport for London and many other transit systems across the country.
Luc Gueriane, Chief Commercial Officer at Moorwand added: “K Wearables is a pioneer of wearable payments with its contactless payment ring. Consumers need a variety of payment options to suit a variety of contexts and needs – and as the market evolves, payments will become increasingly invisible and made between devices, as well as people.
“Such a groundbreaking market proposition needs a different approach to issuing and BIN Sponsorship, ensuring compliance enables innovation, rather than inhibiting it. By supporting K Wearables’ product and market ambitions to create one of the most transformative offerings in payments, we will be taking our place in history.”
The collaboration comes as contactless payments become increasingly important in the payment ecosystem, with consumers focusing on decreasing the necessity of cash.