Anybody know anything about / use RingPay by mclear.com
Seems to be a contactless ring you can wear and connect to your accounts.
My concern is that if it’s anything like Curve, it will mess up Monzo’s feed by skewing with transaction data.
Usually you have to top them up so would come at of monzo as a lump payment rather than every transaction (Usually)
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These things are all over the place now
Will be interesting to see if any actually gain traction.
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I looked at K Ring a while back. I stopped looking after I read the small print and discovered that there are some rather big problems with the model.
- You have to pay an account maintenance fee from year two onwards
- If you don’t use it for six months, you have to pay an ‘abandoned account’ fee
- You have to pay a fee to close the account
I don’t know about you, but those fees made me very quickly go from “This could be something interesting to try” to “absolutely screw this rubbish*”
It’s almost a shame, because I do think it’s a fun gimmick. But no fun gimmick is worth getting locked into fees like that. And who knows? Maybe in the future the technology will be licensed to or bought out by actual banks, who wouldn’t charge such awful fees for them.
*I have somewhat toned down the language of my internal dialogue
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There are similar fees with McLear.
I also don’t like the account closing fee or the top up fee.
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They misspelled ‘technology’ on their homepage though. Says it all.
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I mean… I’m sure this product appeals to some people but it definitely doesn’t appeal to me.
1% charge to add any money to your account means everything you buy costs 1% more. And that’s before you buy the ring itself at £90. I think I’ll stick to regular contactless or Apple Pay instead… 
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I’ve owned one of these rings for around 6 months now and it’s honestly a fantastic bit of tech if its the kind of thing you like. The range/sensitivity is around the same as using Android Pay on my phone and it allows me to pop out of the office at lunch or run to the corner shop without once touching my pockets. The novelty of paying with your hand never gets old.
My problem with it (and the reason I barely use it anymore) is simply because of the fees and the fact that I can’t track my transactions with Monzo or Yolt. However, they recently removed the 1% top-up fee which removes the first barrier. If I could see my transactions in Monzo, I’d probably use it a LOT more.
Though, if Monzo released their own coral ring, I wouldn’t have to top it up at all! 