Australian bank launches waterproof, near field contact tap-and-go payment ring

Australia is trialling the latest way to pay for your purchase - and Gollum would probably kill for it.

It's one ring, not to rule them all, but to replace them.

Australia's Bankwest has launched a tap-and-go payment ring that allows customers to pay for goods less than $100, the Sydney Morning Herald reports.

The ring will cost AU$39 (NZ$43) and work just like any other tap-and-go card on any kind of terminal that accepts Paywave.

The Halo ring is waterproof to 50 metres, and doesn't need to be charged or linked to a smartphone.

Mastercard expects the ring to have great uptake, as it allows more flexibility to customers.

"We expect to see more smart rings reach Australia this year and that's great," MasterCard's Australasia senior vice president for digital products Matt Barr told the Sydney Morning Herald.

"Different payment methods suit different people at different times and we don't want to dictate how people buy things."