Payments firm PSI-Pay partnered with Kerv Wearables to launch what they are billing as the world’s first contactless payment ring.

The partners are utilising PSI-Pay’s MasterCard licence which will enable users of the ring to make payments wherever the card giant’s contactless technology is accepted globally.

Users will need to open a Kerv account, which they can top up via debit or credit card, as well as PayPal. This process can be done via a manual load or an automatic top up.

In addition to NFC-based payments at the point of the sale, Kerv users can make online or in-app purchases with a virtual card. Users can also tap in on tubes, trains and buses on Transport for London (and other transport networks around the world).

NFC-based payments have a limit of up to £30 (payment limits vary between countries). Users can also link an optional contactless prepaid card to their Kerv account for higher value transactions. The ring does not need to be paired with a smartphone and costs £49.

The ring can be used for payments globally but it is unclear if it is being sold globally, and when exactly it becomes available.

The Kerv website says it is available for pre-order for delivery in July 2016 at a discounted price of £40. However, it says Kerv will contact customers approximately 60 days prior to despatch to ask for ring size and colour choice, implying a later than July availability date. Mobile World Live is waiting for clarification from the company.