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India’s First Contactless Payment Smart Ringh Launched; Check Price, Specs And How It Works
Nov 09, 2023 Rahul Verma News Source in_mashable 45 hits
India's first contactless payment ring, the 7 Ring, has been officially launched in collaboration with NPCI by the Indian brand 7. Unveiled at the Global Fintech Fest 2023 in September, this innovative ring operates on NFC technology, employing a secure tap-and-pay method akin to conventional cards, Samsung Pay, and Apple Pay. The 7 Ring claims to enhance security measures while retaining the simplicity of the contactless payment process. In this overview, we delve into the specifics of the 7 Ring, exploring its pricing, availability, and features. This is the 7 Ring, India's first contactless payment wearable ring. Costs ₹7,000. The 7 Ring is currently priced at Rs 7,000 in India. However, as an exclusive early bird offer, the company is presenting the smart payment ring at a discounted rate of Rs 4,777 for a limited time. Customers have the flexibility to make the full payment upfront or opt for an EMI plan of Rs 829 for 6 months. With the purchase, 7 is providing a generous 55 months of validity and a 1-year limited warranty for the ring. It's important to note that at present, the 7 Ring is exclusively available to a select audience with an invite code from existing users of the 7 Ring. The 7 Ring is an elegantly designed wearable crafted from aerospace-grade Zirconia Ceramic, offering a scratch-resistant exterior and a hypoallergenic resin band for skin comfort. With an IP68 certification, the ring boasts 100% waterproof and dustproof capabilities, ensuring durability. It comes in seven different sizes with a domed comfort fit, catering to various finger sizes. The ring operates on NFC technology and is EMVco-certified, aligning with global payment security standards. The accompanying app facilitates prepaid wallet setup with a monthly transaction limit, expandable through video KYC. Notably, the prepaid wallet is topped up via UPI, ensuring bank account details remain separate. The app further enables transaction monitoring, spending restrictions, and lost ring blocking. Functioning as a passive wearable, the 7 Ring draws power from POS machines, eliminating battery concerns. Its unique payment method involves making a fist to activate payment at any POS, enhancing security by preventing skimming fraud.
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