Global: Hungary’s CIB Bank offers customers free contactless payment rings

Hungarian lender CIB Bank has partnered with Visa to offer eligible customers free RingPay contactless payment rings as part of an initiative aimed at encouraging the adoption of wearable payment technology.

CIB Bank, a member of the Intesa Sanpaolo Group, said customers who meet the campaign’s eligibility requirements will receive a voucher code that can be redeemed for a RingPay payment ring at no cost.

The waterproof ring does not require a battery, smartphone, or physical wallet to operate. Customers can connect it to an eligible CIB Visa card and use it to make contactless payments at locations where Visa is accepted.

Visa tokenisation supports secure payments

The RingPay device is secured through Visa’s tokenisation technology, which replaces sensitive card details with a unique digital identifier during payment transactions.

The technology is designed to provide an additional layer of security while enabling customers to make payments through a wearable device without directly exposing their card information.

Dalma Fodor, head of retail transaction products at CIB Bank, said the initiative reflects changing payment preferences among younger consumers.

“Data shows that young adults’ payment habits are becoming increasingly digital, and they are increasingly open to using wearable payment devices. Through this initiative, we aim to strengthen that openness further,” Fodor said.