Oura rings could soon get contactless payment feature

Making the headlines across the internet is Oura’s acquisition of Proxy, and this is rather interesting. For starters, these two companies do not exist in the same niche, so this purchase brought Oura out of its comfort grounds. Although these two companies don’t operate in the same industry, merging their products will make the consumer’s life a bit easier.

Asides from profit-making, a big aim of tech firms is to make life a bit easier for the end users. This article will look at how Oura’s latest purchase will help its users purchase goods with contactless payment. In an official statement, the CEO of Oura pointed out areas where the purchase of Proxy will help users.

Some benefits of this purchase are payments, access, security, identity, and others. Of main focus of this article is the issue of payments and how this will benefit users. Let’s now look into Oura and Proxy and the service they individually offer.

Contactless payment with a ring might be made possible as a result of Oura’s acquisition of Proxy

You might already be familiar with Oura and their smart rings that help track users’ health. In the wearable industry, Oura is a top competitor in the manufacturing and retailing of smart rings. So in place of smartwatches, some users might opt for smart rings to monitor their health as they go about their daily activities.

Proxy, on the other hand, is a firm that concerns itself with the creation of user digital identity signals. These signals can be linked to a ton of products that a user accesses for usage from time to time. So, instead of using keys, cards, passwords, and so on to access these products, users can rely on their digital identity signal.

Oura aims to integrate Proxy’s services into its smart rings, hence expanding its usage. To make this work, Oura will need to work on the hardware and software of its smart rings. By doing this the integration of Proxy’s digital identity signals into Oura rings will be possible.

This integration might help users to pay for stuff with just their Oura smart ring. The Proxy’s digital identity signal should be able to link payment services such as Google Pay, Apple Pay, and so on to the smart ring. So purchasing items, an Oura smart ring user can pay with their ring instead of pulling out their smartphones or cards.

With time, the wearable industry will get to see the end product of Oura’s acquisition of Proxy. Achieving contactless payment on a smart ring will improve Oura’s business in the wearable industry. More information on the progress of Oura and Proxy as they work together will be available in the coming weeks.