India’s very first contactless payment ring, known as the 7 Ring, has been launched in the country. It was initially unveiled at the Global Fintech Fest 2023 in September and is a product of a collaboration between the Indian brand “7” and NPCI. Functioning with NFC technology, it follows the same principle as the tap-and-pay method employed by conventional cards, Samsung Pay, and Apple Pay. Nevertheless, the company asserts that it offers enhanced security. Let’s delve into the comprehensive details of the 7 Ring, including its pricing in India, availability, and features.
7 Ring Pricing, Specs, and Features
The 7 Ring is priced at ₹7,000 in India. However, as part of an early bird promotion, the company is offering the smart payment ring for ₹4,777 for a limited time. Buyers can opt to pay the full amount upfront or select a six-month EMI option for ₹829 per month. With the purchase, 7 offers 55 months of validity and a one-year limited warranty for the ring. However, there is a caveat: currently, the 7 Ring is exclusively available to a select group of buyers who possess an invite code from existing 7 Ring users.
7 has also unveiled various rewards for 7 Ring users, which will become accessible in the near future. These rewards encompass cashback incentives from top retail brands, exclusive merchandise from 7 upon reaching payment milestones, a Leaderboard for the highest spenders or referrers, and Raffles.
The 7 Ring is a fashionable wearable item manufactured with precision milling from aerospace-grade, scratch-resistant Zirconia Ceramic (ZrO2). The exterior of the ring is diamond-glazed, providing a mirror-like finish, while the interior features a hypoallergenic resin band for skin comfort. The ring boasts an IP68 certification, ensuring it is entirely waterproof and dustproof. Moreover, it is RoHS compliant, signifying that neither the ring nor any of its components contain hazardous substances. It is available in seven different sizes, designed with a domed comfort fit to accommodate various finger sizes.
The 7 Ring operates using NFC technology and holds an EMVco certification, indicating it adheres to the same security standards as globally recognized payment instruments used by leading banking networks. Although the initial setup requires an app to activate the ring and establish a prepaid wallet, the app is not necessary for making payments. Users can establish their prepaid wallet within the app, featuring a ₹10,000 monthly transaction limit following initial KYC verification.
Users can subsequently elevate this limit to ₹2,00,000 by completing a video KYC process. Importantly, all users need to do is top up their prepaid wallet with UPI, and their bank account details remain disconnected from the wallet. Additionally, the app offers users the ability to monitor all transactions made using the 7 Ring, set daily spending limits, and block the ring if it’s lost, among other functions.
Once configured, users can make payments at any point of sale (POS) by forming a fist and bringing the ring close to the POS device. It won’t work if the user’s fingers are open, reducing the risk of skimming fraud and payment theft. To prevent fraud and theft, users simply need to keep their fingers straight.
The company emphasizes that the ring is a passive wearable device that draws power from the POS machine, eliminating the need for battery-related concerns and charging. Additionally, it does not rely on Bluetooth, operating through NFC and connecting to a cloud-based digital prepaid wallet. However, there are certain limitations, including a lack of support for payments outside India, as it is based on UPI, and it does not support online payments.
