Next-gen versions of the Oura Ring could have the ability to authenticate digital payments in the same way as a smartwatch or smartphone.
The company behind the smart wearable technology has announced the acquisition of Proxy – a digital identity signal platform.
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Oura says this will enhance the company’s ability to innovate, which could include digital payments, gaining access to locked areas, and plenty of other means of verifying your identity.
The blog post announcing the deal from last week points out Proxy has been in “stealth mode, working to advance its biometrically-linked digital technology” and the deal sees the founders and key employees joining Oura.
“Oura was founded on a culture of innovation, and has put great emphasis on building broad protection for our intellectual property. This deal expands Oura’s leadership in health wearables and signals our ambitions to integrate digital identity technology with our existing hardware and software offerings,” said Tom Hale, Oura CEO.
“We are thrilled to collaborate with the innovative Proxy team to expand our addressable market, paving the way for new opportunities in areas such as payments, access, security, identity, and beyond, fueling future growth. With the acquisition of Proxy, we have the most comprehensive portfolio in the smart ring space.”
The Oura Ring is currently in its third generation and it’s possible Proxy’s advances could be integrated within a fourth-generation model.
Having an NFC chip to communicate with a payment terminal, for example, could potentially be even more seamless than using a smartwatch or smartphone to tap-to-pay. Whether the technology can be small enough not to add to the physical footprint of the popular ring remains to be seen.
