Smart ring that acts as wallet and key gets backing from big Japanese firms

Evering users can lock and unlock doors, as well as pay for drinks in stores. — Evering

Itochu Corp, Mitsubishi UFJ Financial Group Inc and other companies are investing in Evering, a chip-embedded smart ring that can act as a wallet and a key, people with knowledge of the matter said.

Evering is backed by MTG Co, a listed Japanese health and beauty company. MTG struck a contract with Visa Inc last year and began selling rings in Japan, which cost about 20,000 yen (RM683) apiece, including tax.