PayRing’s product is an innovative bank card in the form of a jewelry piece worn on the finger. As the first to introduce a working payment technology implemented in the form of a ring, PayRing allows users to make payments using contactless payment devices or online, utilizing a device identification number and a special code. The technological solution is developed by PayRing, based on the SCOne operating system of ALIOTH company. PayRing is a unique product, serving as a modern analogue of a bank card. With the help of the payment ring, users can make purchases through contactless payment terminals (POS) and withdraw cash from ATMs that support contactless transactions. Additionally, PayRing’s ability to integrate extra functionality allows users to use the ring as a method of identification. For instance, the ring can function as an electronic key or store personal data and other information. One of PayRing’s standout features is the combination chip, which allows users to utilize the payment ring, electronic identifier, and data storage capabilities all at once.