Daily Mail - 04.03.2020

Page 47

By Amelia

Murray

MoneyMail 47

Daily Mail, Wednesday, March 4, 2020^

­someone­else­uses­it.

Being­winter,­I­find­it ­a­faff­having­

to ­take­my­coat­off­as ­I­fumble­to­

find­ the­ right­ part­ of ­ my­ cuff­ to­

h o l d­ a g a i n s t­ t h e­ p a y m e n t­

terminal.­

Next­up­is ­a­rather­swish-looking­

gold­ leather­ bracelet­ sold­ by­ a­

Gloucestershire-based­firm­ called­

Tovi­Sorga,­which­began­designing­

wearables­in ­2016.

When­ buying­ Baklava­ in ­ a­ local­

store­ the­ shopkeeper­ looked­

bemused­when­I­hold­my­bracelet­

against­his­payment­terminal.

‘What­is ­that?’­he­says­as ­we­wait­

for­ the­ reassuring­ beep­ that­ tells­

him­I’m­not­about­to ­make­a­dash­

with­my­£1.59­baked­goods.

The­payment­is ­verified­and­I­do­

a­ celebratory­ jig­ as ­ he­ shakes­ his­

head­and­mutters:­‘Whatever­next.’­

Before­ using­ your­ bracelet­ you­

must­ download­ payment­ app­

­Pingit,­launched­by­Barclays­in­

2012,­ and­ enter­ an­ activa-

tion­ code.­ You­ can­ then­

top­ up­ the­ pre -paid­

account­ with­ your­

debit­ card.­ There­ is­

a n­ a u t o­ t o p - u p­

option­ which­ adds­

m o n e y­ t o­ y o u r­

account­ when­ the­

balance­ falls­ below­

a ­ s e t­ a m o u n t .­

Money­ can­ also­ be­

sent­back­to ­the­origi-

nal ­card­for­free.­

If ­ you­ lose­ the­ bracelet­

you­ can­ block­ payments­ in­

the­ app.­ Pingit­ will­ refund­ your­

money­if­ you­ are­ a­ fraud­ victim.­

The­ device­ can­ be­ used­ abroad­

with­ a­ 2.75­pc­ fee.­ The­ bracelet­

costs­ £75,­ but­ there­ are­

other­styles­available­for­

up­ to­ £120.­ The­ ends­

are­ held­ together­ by­

s t r o n g­ m a g n e t s­

which­ can­ make­ it­

difficult­to ­get­off.

The­white­plastic-

l o o k i n g­ ‘ K­ r i n g ’­

(which­ also­ comes­

i n­ b l a c k )­ c o u l d­­

be­the­answer­to ­my­

prayers.

It­ costs­ £99.99­ and­ is­

b o t h­ w a t e r p r o o f­ a n d­

scratch-resistant­as ­a­result­

of ­its­zirconia­ceramic­exterior.­But­

you­should­keep­it ­away­from­any­

electromagnetic­ fields,­ such­ as­

your­radio.­To­use­it ­you­must­set­

up­an­ account­ on­mykring.com­

wi t h­ a n­ e m a i l­ a d d r e s s­ a n d­­

a­password.

London-based­company­K­Wear-

ables­ also­ works­ with­ Mastercard­

and­ you­ must­ add­ money­ to ­ your­

account­before­you­can­spend­with­

it.­ It ­ applies­ 3­pc­ to­ the­ foreign­

exchange­rate­when­used­abroad.

Topping­up­is ­free­with­debit­card­

and­ you­ can­ add­ up­ to­ £50­ each­

time.­ There­ is ­ a­ 3­pc­ fee­ with­­

a­credit­card.

If ­ you­ lose­ it ­ you­ can­ switch­ off­

the­ring­via­your­account.­

At­a­ Tesco­self-service­machine­it­

takes­ a­ couple­ of ­ tries­ before­ the­

ring­ connects­ to­ the­ payment­

­terminal.­But ­once­I­got­the­knack,­

it ­was­easy.­

James­Moar,­lead­analyst­at­Juni-

per­Research,­says:­‘The­high­price­

means­they­do­not­currently­have­

mass­appeal.­Most­devices­are­also­

prepaid­but­I­see­this­changing­in­

the­next,­year­or ­so.’

This­will­make­a­big­difference­as­

I­find­it ­too­much­hassle­having­to­

remember­to ­top­up­my­account.­I­

also­ felt­ more­ vulnerable­ wearing­

my­ payment­ device­ than­ when­ I­

have­a­card­in ­a­purse­or ­pocket.

So­for­now­I’ll­be­reverting­back­

to ­my­debit­card­—­if ­only­to ­avoid­

being­the­ talking­ point­ of ­ every­

shop­and­bar­I­enter.­

[email protected]

W

AIT,­ what?­ You’re­

p a y i n g­ w i t h­ y o u r­

shirt ?’­ asks­ a­ wide-

eyed­ barman­ as­ I­

swipe­ my­ cuff­ over­

his­contactless­card­machine.

I­am­testing­what­is ­claimed­to ­be­the­

world’s­first­ever­smart­payment­shirt,­

CashCuff­ —­ a­ rather­ flamboyant­ gar-

ment­with­a­tiny­chip­about­the­size­of­

a­ SIM­ card­ in ­ the­ sleeve.­ It ­ was­

launched­by­a­Cambridge-based­com-

pany,­DressCode­Shirts,­in ­November.

The­shirt­is ­part­of ­a­booming­indus-

try ­in ­wearable­payment­devices.­

Mastercard­was­one­of ­the­trendset-

ters­ in ­ 2011­ when­ it ­ gave­ VIPs­ at­ the­

Isle­of ­Wight­Festival­wristbands­which­

contained­a­payment­chip.

Barclaycard­ introduced­ similar­

bands­ in ­ 2014­ and­ a­ year­ later­ Apple­

Pay­launched­in ­the­UK­which­allowed­

customers­to ­pay­using­a­smartwatch.

In ­2017­Visa­piloted­contactless­sun-

glasses,­ and­ in ­ Sweden­ thousands­ of­

people­ have­ microchips­ implanted­ in­

their­hands­which­can­function­as ­con-

tactless­credit­cards­and­key­cards.

A­ report­ by­ technology­ analysts­

­Juniper­ Research­ says­ the­ number­ of­

devices­being­worn­will­increase­by­more­

than­1,500­pc­to ­1.8­million­by­2024.

But­does­wearable­payment­technol-

ogy­ actually­ make­ life­ easier­ —­ or ­ are­

they­ just­ a­ gimmick?­ I’ve­ tested­ a­

bracelet,­a­ring­and­a­shirt­to ­find­out.

At­£135,­the­CashCuff­shirt­is ­a­little­

pricey­ and­ the­ patterns­ are­ very­ bold­

—­a­look­the­firm­calls­‘geek­chic’.

To­ use­ it,­ you­ must­ download­ the­

MuchBetter­ app­ on­ your­ smartphone­

and­verify­your­identity­by­uploading­a­

photo­ of ­ your­ driving­ licence­ or­

­passport.­ You­ also­ need­ to ­ scan­ your­

face­using­the­camera­on­your­phone.­

The­chip­works­as ­a­prepaid­Master-

card­ so­ you­ must­ add­ money­ to ­ your­

account­before­shopping.

T

­

­

he ­maximum­you­can­spend­

in ­ one­ go­ is ­ £30,­ as­ with­ a­

contactless­ debit­ or­ credit­

card.­ If ­ you­ want­ to­ spend­

more­you­must­use­your­card­and­pin.

If ­ you­ want­ to ­ withdraw­ the­ money­

from­your­account­later­this­is ­free.

You­ must­ remember­ to ­ remove­ the­

chip­ from­ the­ sleeve­ before­ washing­

and­ironing­the­shirt.­

If ­your­shirt­is ­stolen­or ­goes­missing,­

you­ can­ switch­ off­ its­ ability­ to ­ make­

payments­in ­the­app.­But­you­will­not­

be­ refunded­ for­ any­ money­ lost­ if­

A ring. A ‘magic’

bracelet. Even a

microchip in

your shirt cuff ...

we road-test

the gadgets

that could

transform the

way you pay

DESIGNER handbags are the most profit-
able luxury investment, according to a
new report from Knight Frank.
The Wealth Report today reveals that the
collectable accessories have knocked rare
whisky off the number one position, look-
ing at one year returns. The value of
designer handbags has risen by 13 pc over
12 months, it says. Sebastian Duthy,
director of Art Market Research, says: ‘It’s

only been possible to create an index on

handbags now because of the frequency

with which many iconic pieces are coming

to auction today.

‘While bags made by luxury brands such

as Chanel and Louis Vuitton are also

highly collectable, it is those made by

Hermès that attract the highest prices and

are considered the most desirable.’ At a

Christie’s auction in London in November,

a limited-edition Hermès Mini Picnic Kelly

20 bag was sold for £52,500 — after the

estimated price was set between £20,000

to £30,000.

Another Hermès bag, a rare matte white

Himalaya Niloticus Crocodile Birkin 30,

sold for a whopping £125,000. The esti-

mated price was £60,000 to £80,000. The

report showed that over the last year

handbags outperformed both whisky and

art, which both recorded growth of 5 pc.

Classic cars, another strong performer in

recent years, slipped 7 pc.

Over ten years, prices for bags have more

than doubled, with a 108 pc growth

recorded. Although rare whisky tops the

charts over the decade, rising 564 pc.

[email protected]

By Holly Thomas

Designer handbags become the new must-have investment

Now you

can WEAR^

your wallet!

Did you

know?

Artist JMW Turner,

the face of the new

£20 note, left £4,100

(worth £328,763

today) in his will

written in 1849

Bling ring: the

device by

K Wearables can

be used to make

contactless

purchases

Picture: Geor

Gie Gillard