K Ring — the world-leading Mastercard contactless payment smart ring — now enables users to instantly top up their virtual prepaid accounts via direct bank transfer for free. The new load method supports 20 banks and online payment services in the U.K., including Nationwide, Halifax, Barclays, and Transferwise.
K Ring users with accounts under these banks can instantly transfer funds from their bank accounts and online payment services to their K Wearables prepaid Mastercard account. This top-up method requires the user to log in to their K account and will be redirected to their online bank account to complete the transaction. With this, users will no longer have to fill in all bank details in the future every time they transfer funds.
Not only is this free for all transactions, but the direct bank transfer also removes the need for K Ring users to do a manual bank transfer, which takes days to complete. This is also a viable alternative to loading using a debit or credit card.
The ring’s direct bank transfer capabilities have been made possible with NuaPay, an open banking API that provides a seamless interface between a user’s K account and bank accounts. According to the company, neither K Wearables nor Nuapay sees or stores a user’s bank account information or login details.
Also read: Top 5 Contactless Payment Rings
Eligible Banks and Payment Services
NuaPay supports secure direct connections to over 98% of banks in the U.K. Here’s a complete list of eligible banks and online payment services for direct bank transfer:
- Bank of Ireland (UK)
- Bank of Scotland
- Barclays (corporate)
- Barclays (personal)
- Clydesdale Bank
- Danske Bank
- First Direct
- HSBC Business
- Lloyds (corporate)
- Lloyds (personal)
- M&S Bank
- Tesco Bank
- Ulster Bank (UK)
- Yorkshire Bank
Also read: Top 10 Countries for Contactless Payment Wearables
How to Do Direct Bank Transfer With K Ring
Loading your K Ring with funds via direct bank transfer is easy. Here’s how you can do it:
- Step 1: Log in to your K account.
- Step 2: Click ‘Load Methods.’
- Step 3: Click ‘Direct Bank Transfer.’
- Step 4: Put the desired amount for transfer.
- Step 5: Choose your bank from the list to direct you to their app or website.
- Step 6: Log in to your bank’s app or website.
- Step 7: Confirm the transaction.
You will then be redirected to MyKRing.com. Check your K Wearables prepaid Mastercard account balance to see if your funds have been debited successfully.
K Ring, formerly Kerv Ring, is a wearable payment smart ring that allows users to make a payment anywhere in the world. Whether it’s food, shopping, or public transportation, as long as the merchant accepts standard contactless debit, credit, and prepaid card payments, K Ring can be used conveniently. K Ring can also be used for one-touch access to public transport networks. K ring starts at $59 or €47.