Are you a forgetful type who constantly misplaces your wallet? You might want to check out this smart ring, which London-based startup Kerv created to let you to keep your credit card on hand at all times.

The wearable allows you to make financial transactions on the go, so long as you’re at a store that accepts contactless payments. It contains a secure NFC payment chip which is activated when it’s waved in front of a reader. Once a transaction is made, money is drawn from a prepaid account.

The ring isn’t just a one-trick accessory. It can also be used as an electronic door key, as a smart pass in the Transport for London network, and to store contact, emergency, and medical information. 

Contactless payments are typically made with cell phones or smart watches. Why would a smart ring work better than either one? For one thing, cell phones are bulky, they need to be charged often, and they’re easily damaged by water. Meanwhile, Kerv is waterproof, and doesn't need to be charged. It's also easier to hold a ring-clad hand up to a contactless reader than a watch-encircled wrist, Kerv founder Phil Campbell points out.

Thanks to Kickstarter, Kerv has raised nearly half of its $118,182 goal. The company plans to wrap up the crowd-funded campaign by Oct. 26, and to have completed the wearable by April 2016. To learn more about Kerv, check out their fundraising page or visit their website.