Introduction
The past few years have witnessed a phenomenal rise in contactless payment solutions across India, with consumers embracing the convenience of tap to pay transactions. Riding on this wave is 7 Ring, India’s first contactless payment smart ring that is spearheading the wearable payment revolution.
The 7 Ring allows users to make secure offline payments by simply tapping their ring at compatible POS machines. Its unmatched ease of use coupled with robust security protocols is enabling this elegant payment wearable to carve a niche for itself in the thriving Indian fintech sector.
What is the 7 Ring?
The 7 Ring is a sleek, lightweight smart ring made of hypoallergenic zirconia ceramic. It utilizes NFC (Near Field Communication) technology to enable contactless transactions without the need for a battery, smartphone app or internet connectivity for payments under ₹5,000.
This minimalist ring comes in 7 sizes and features an IP68 rating making it dustproof, waterproof and built for daily use. Its elegant design houses an EMVCo certified EAL5+ secure element chip to ensure banking-level security for every transaction.
Key Features and Benefits
Contactless Payments
The highlight of the 7 Ring is the ability to tap and pay at offline POS machines. By holding the fist about an inch over the POS terminal, payments get processed securely without any need to insert or tap cards.
Security Measures
The 7 Ring adheres to international security standards certified by EMVCo. Its EAL5+ certified secure element chip and two-factor authentication for transactions above ₹5,000, prevent fraudulent usage.
Ease of Use
With its sleek profile and lightweight build using hypoallergenic zirconia ceramic, the 7 Ring delivers maximum comfort for daily use. It requires no charging, app connectivity or internet for transactions under ₹5,000.
Transaction Management
The 7 Ring app allows users to view payment history, set daily limits, top-up their prepaid wallet and avail exclusive offers and rewards.
Exclusivity and Offers
7 Ring users get access to an elite club with exclusive brand offers and membership benefits across dining, travel, entertainment, etc.
How It Works
The 7 Ring utilizes NFC technology to transmit payment data to compatible POS machines. It does not require internet connectivity or smartphone pairing. By holding the ring parallel to the POS terminal, payment gets authenticated and processed.
Based on KYC status, payments under ₹5,000 can be made without PIN while transactions above this limit require two-factor authentication. Users can customize these limits via the 7 Ring app.
Setting Up and Managing Your 7 Ring
Activating the 7 Ring involves installing the app, completing a video KYC process and setting up authentication PINs and passwords. Users can then top-up their prepaid wallet, customize transaction limits and view payment history.
The process is similar to activating payment cards. The app also allows blocking the ring if lost and integrating bank accounts for seamless top-ups.
| 7 Ring App Features | |
|---|---|
| Mobile App | Available on iOS and Android Manage transaction limits View payment history & passbook Top up prepaid wallet Avail offers and rewards |
| Activation Process | Install app & complete video KYC Set up authentication PIN and passwords Top up prepaid wallet Customize transaction limits |
| Security Features | Block ring if lost or stolen PIN authentication above ₹5,000 Option for temporary blocks |
Pricing and Availability
The 7 Ring is available for purchase in India via invite codes priced at ₹4,777 (early bird offer) and ₹7,000 for regular pricing. It comes with a 1-year warranty and 55 months of validity.
The 7 Ring offers unmatched value compared to similar smart rings like the ₹8,999 boAt Ring and ₹15,999 Noise Luna with its competitive pricing and elite membership perks.
FAQs
Can I use the 7 Ring for international transactions?
No, the 7 Ring is currently approved for domestic transactions only within India.
Does the 7 Ring work for online purchases? No, it does not support transactions on ecommerce sites or apps. It is an offline payment device.
How does the 7 Ring prevent accidental payments?
With no automatic NFC detection, the 7 Ring will not process payments without intentional placement near the POS machine reader.
Conclusion
As India’s first contactless payment ring, the 7 Ring marks the entry of innovative fintech wearables into the mainstream. This disruptive smart payment solution aims to revolutionize offline transactions with its unmatched convenience and security.
Given the rising preference for contactless payments in India, this trailblazing product could pave the way for more such payment wearable devices and shape the future of transactions in the country.
