Smart Ring That Acts as Wallet and Key Gets Backing From Big Japanese Firms

Itochu, Mitsubishi and other companies are investing in Evering (Warning: source paywalled; alternative source), a chip-embedded smart ring that can act as a wallet and a key. Bloomberg reports: Evering is backed by MTG, a listed Japanese health and beauty company. MTG struck a contract with Visa last year and began selling rings in Japan, which cost about 20,000 yen ($158) apiece, including tax. As retailers around the world seek ways to make it easier for consumers to shop seamlessly without touching anything, Evering and MTG are betting that their smart ring will resonate with early adopters. Made out of zirconia, the finger-worn gadget lets people do things such as lock and unlock doors, as well as pay for drinks in stores. More than 10 investors are considering investing a total of around 1 billion yen in Evering, which may eventually seek a public listing. Potential backers include Daiwa House Industry and Toppan, with an announcement due soon.

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