CIB Bank Offers Free Contactless Payment Rings in Hungary

CIB Bank has begun distributing free contactless payment rings to eligible retail customers in Hungary in recent weeks. The rings allow holders to make tap-to-pay purchases at terminals that accept contactless cards.

The device is designed to be linked to a customer’s existing payment card or account and works with standard contactless readers. The rings use short-range wireless technology (NFC), the same method used by contactless bank cards. They do not contain a battery and draw power from the payment terminal during a transaction.

For transactions that require cardholder verification under card scheme rules, customers must enter a PIN or use other verification methods required by the terminal. Customers receive the ring from the bank and must activate it and link it to their account before use.

CIB is offering the rings at no charge to eligible customers. Availability, eligibility and sizing options are determined by the bank’s customer service rules; customers are advised to contact CIB for current stock and activation instructions. The bank provides guidance on safe use and on procedures for replacing lost or damaged rings.

CIB confirmed the rings are integrated into its existing payment infrastructure and are subject to the same security controls that apply to contactless cards, including tokenization and fraud-protection measures. Customers can request information from CIB on how to block a payment device if it is lost or stolen.

The rings are intended for small, everyday purchases and can be used at any merchant terminal that accepts contactless payments. The contactless element is housed in a metal or composite surface designed to be worn like conventional jewelry. Similar wearable payment products such as bracelets and key fobs have been offered by banks and payment-device manufacturers in recent years.