Wearable payments vendor McLear is closing down its Ring pre-paid programme, due to „the increasing complexity and cost of maintaining”

McLear’s pre-paid programme comprises a pre-paid acccount managed by Railsr subsidiary PayrNet, a mobile app and a smart payment ring.

„We are very sad to announce that we’re closing the McLEAR RingPay pre-paid programme. Due to the increasing complexity and costs of maintaining the McLEAR Ring prepaid programme, we’ve made the extremely difficult decision to discontinue the programme. We will be focusing on strengthening and supporting strategic business relationships and continuing to develop new and more efficient technologies. Watch this space.” – the company said in a press release.

All account holders on the 28th August 2024, have received an official notice that their PayrNet Limited account with McLear Limited will be closed on 31st October 2024.

„Please ensure that the balance of your RingPay account is spent or withdrawn before the expiry of 31st October 2024, as you will be unable to spend it using your ring after that date.”

All rings came with a 36-month expiry date. „We will be offering customers a pro-rata refund for the months remaining on their ring as of the 1st November 2024. This will be based on the original price paid for your ring, divided by 36 months, times by any full months remaining of your ring expiry.”

For example: if your ring has 6 months remaining as of the programme end date and £99.99 was paid for your ring, a refund of £16.66 may be claimed. The refund will be processed from the original order, back to the payment card used to purchase the ring.