RingPay McLEAR

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)

2 Likes

These things are all over the place now

Will be interesting to see if any actually gain traction.

1 Like

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

3 Likes

There are similar fees with McLear.

I also don’t like the account closing fee or the top up fee.

4 Likes

They misspelled ‘technology’ on their homepage though. Says it all.

1 Like

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… :thinking:

1 Like