- Closure of RingPay Programme: McLEAR, a wearable tech company for payments, has announced the discontinuation of its flagship RingPay programme, which includes a prepaid account, mobile app, and payment ring.
- Company Background: Founded in 2012 and based in London, McLEAR is known for inventing the first NFC-based smart ring and pioneering the wearable technology ring market.
- Reason for Closure: The decision to close the RingPay programme is due to increasing complexity and costs associated with maintaining it.
- Closure Date: The programme will officially end on 31 October 2024. Users are advised to spend or withdraw their balances before this date.
- Safeguarding of Funds: McLEAR assures users that their wallet balances are protected. Instructions for reclaiming remaining funds through digital transfer to a customer’s bank account will be provided.
- Refunds Offered: Refunds for the physical ring hardware are being offered to users.
- Future Focus: McLEAR plans to focus on strengthening strategic business relationships and developing new, more efficient technologies.
