McLEAR sunsets payment ring programme
McLEAR, a wearable technology company for payments, security, and fashion, has announced the closure of its flagship RingPay programme, which comprises a prepaid account, a mobile app, and a payment ring.
McLEAR discontinues RingPay. Image source: McLEAR
Founded in 2012 and based in London, UK, McLEAR claims to have “invented the first NFC-based smart ring and is responsible for kickstarting the wearable technology ring space”. The brand was previously known as NFC Ring.
The McLEAR Ring prepaid programme is underpinned by PayrNet Limited, under a licence from Visa. PayrNet is a UK-based subsidiary of embedded finance technology provider Railsr, and is an e-money institution authorised by the UK regulator, Financial Conduct Authority (FCA).
In a statement on the McLEAR website, the company attributes the decision to discontinue RingPay to “the increasing complexity and costs of maintaining” it.
The programme will be closed on 31 October 2024 and users have been requested to spend or withdraw the balance before the expiry date. Up until that date, the McLEAR account and ring will operate as normal, the company says.
It also reassures that users’ wallet balances are safeguarded, and instructions will be provided on how to reclaim the remaining funds via a digital transfer to a customer’s bank account held in their name.
Refunds for the physical ring hardware are also being offered.
Going forward, McLEAR says it “will be focusing on strengthening and supporting strategic business relationships and continuing to develop new and more efficient technologies”.
