Wearable payments vendor McLear is closing down its flagship Ring pre-paid programme, blaming the increasing complexity and cost of maintaining the product.
McLear's pre-paid programme comprises a pre-paid acccount managed by Railsr subsidiary PayrNet, a mobile app and a smart payment ring.
"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," the firm states. "We will be focusing on strengthening and supporting strategic business relationships and continuing to develop new and more efficient technologies."
The firm has contacted all customers warning them that thet should empty their accounts by 31 October, after which their payment rings will be disabled. Customers who miss the deadline will be contacted in the aftermath with instructions for how to reclaim any outstanding balance.
The company is also promising to make pro-rata refunds to customers who paid for their smart rings, which come 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," the firm pledges. "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."