South African fintech company VezoPay is expanding its battery-free tap-to-pay smart ring to more banks, with Investec and Absa now supporting the wearable payment technology.
The latest additions take VezoPay’s banking partners to four in less than a year, following the launch of support for FNB and RMB Private Bank in October 2025. A fifth major South African retail bank is also expected to come on board before the end of 2026.
VezoPay, founded by Jake Pinkus and Lawrence Baker, launched its first smart rings in July 2024. The company says most of its growth has occurred over the past six months.
The company currently has a waiting list of around 35,000 people whose banks are not yet supported.
According to the founders, the biggest hurdle to expanding VezoPay is no longer manufacturing or technology, but getting banks through their individual approval processes.
Each bank must complete its own governance and security checks, followed by separate approval from the South African Reserve Bank. FNB’s approval reportedly took about nine months, while Investec completed the process in roughly four months.
VezoPay says banks have become increasingly demanding as the product gains traction, requiring penetration testing, stress testing and, in some cases, international transactions to demonstrate that payments can be traced securely.
How the VezoPay Ring Works
The smart ring uses a programmable NFC chip to enable contactless payments without a battery. This means users never have to charge the device.
Instead of storing payment details directly on the ring, linking a bank card creates a one-time payment token. The system works similarly to smartphone payment wallets, with only one bank card able to be tokenised at a time.
The ring also benefits from the fraud protections provided through the card issuer, including location and transaction-velocity checks. A PIN may be required for transactions above R500 or at unfamiliar merchants.
Users can also lock their ring through the VezoPay app, while an emergency PIN allows the device to be frozen from any browser if the user’s phone is unavailable. The company has simplified its product range since its initial launch.
The current line-up consists of three main families:
- X — Ceramic rings available in black, white and pink.
- Classic — Brushed or polished stainless-steel models.
- Signature — Premium gold rings, now made from 18-carat rather than 21-carat gold.
The company has discontinued its rose-gold option after mixed customer feedback. The gold model has also been redesigned with more rounded edges following complaints that the previous design could catch between fingers.
Gold rings now include free engraving, while increased manufacturing capacity has helped lower their price. Ceramic and stainless-steel models have seen modest price increases.
VezoPay is also testing additional NFC features that could expand the ring beyond payments.
These include digital business cards, retailer loyalty cards and an emergency medical profile containing information such as blood type, allergies and medical aid details. The latter can be read by tapping an NFC-enabled smartphone.
The company is also exploring international expansion, with two banks in Mauritius currently testing the technology and beta programmes underway in three other African markets.
With relationships spanning Visa and Mastercard, VezoPay says it is also exploring opportunities to bring its smart rings to additional financial institutions across the continent.
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