Moorwand, a BIN sponsor, issuer and acquirer that transforms compliance into an enabler of innovation, today announced that it has been selected by wearables payment company, K Wearables, to provide issuing, BIN Sponsorship and digital banking services for its innovative contactless payment ring. K Wearables’ migration to Moorwand is being driven by its next phase of growth as it evolves the product suite and expands internationally to cement its position as the leading wearable payment provider.
K Ring is the world's first contactless payment ring allowing users to pay for goods and services with a ‘knocking gesture’ over a card reader. The ring is linked to a virtual Mastercard and can make contactless payments in-store up to £45 in the UK as well as on Transport for London and many other transit systems across the country.
As contactless technology becomes nearly ubiquitous and consumer adoption grows, the market for wearable payment devices is set to grow to $1,121 billion by 2026 (Marketysers Global Consulting, 2019). To capitalise on this growing market, K Wearables is planning to expand into a variety of markets across Europe. Moorwand is providing issuing services and BIN Sponsorship across the continent that will grow with K Wearables market expansion. Moorwand’s Pan-European reach and deep understanding of the European regulatory landscape was key to its selection. Additionally, K Wearables plans to evolve its product offering by leveraging Moorwand’s future capabilities such as merchant acquiring so users can easily top-up their account with a variety of payment methods.
“No fintech is an island. Collaboration with the right partners is what distinguishes a great idea from a great product – one that’s a step ahead of consumer expectations and other market offerings,” said Philip Campbell, Founder of K Wearables. “Moorwand bring a fresh collaborative approach, which made it a natural choice as we look to supercharge our next phase of growth.”
“K Wearables is a pioneer of wearable payments with its contactless payment ring. Consumers need a variety of payment options to suit a variety of contexts and needs - and as the market evolves, payments will become increasingly invisible and made between devices, as well as people,” said Luc Gueriane, Chief Commercial Officer at Moorwand. “Such a groundbreaking market proposition needs a different approach to issuing and BIN Sponsorship, ensuring compliance enables innovation, rather than inhibiting it. By supporting K Wearables’ product and market ambitions to create one of the most transformative offerings in payments, we will be taking our place in history.”