India is finally having its first-ever contactless payment ring through the 7 Ring, an NFC smart ring developed by Mumbai-based consumer electronic startup Seven. If you are wondering where to buy or how to use the 7 Ring, here’s everything you need to know about the device.
7 Ring Specs and Features
The 7 Ring is the latest addition to the contactless payment ring market. The UK’s Mclear RingPay 2 and Japan’s Evering are two of the most popular contactless payment rings available.
With this smart ring, you don’t have to carry your credit or debit card with you as it enables you to pay at the payment counter as it is. To use the 7 Ring, place your knuckle 4 centimeters parallel to the POS terminal.
The ring works using near-field communication (NFC) technology, a type of RFID technology that only works when two NFC-enabled devices are close together. NFC is the same technology when you tap to pay with your debit or credit card.
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In terms of security, the 7 Ring is EMVco certified. In addition, it has the same EAL5+ secure element used in payment methods such as debit and credit cards. Any accidental purchases are not possible. Also, it can only be used in offline POS payments, so using it for online purchases is not possible either.
In addition, a two-factor authentication PIN is required for purchases above 5,000 INR. Thin PIN can be set through the mobile app. The smart ring has a default 10,000 INR monthly transaction limit that you can modify through the app. Your monthly transaction limit can be upgraded up to 2,000,000 INR.
Through its mobile app, you can see your transaction history, including how much you paid to the merchant and how much you topped up to your ring. You don’t need to register your bank account or credit or debit card on the app. This is much safer because your bank credentials are not exposed.
The smart ring is made of hypoallergenic zirconia ceramic material, which is common among NFC rings. This material is durable enough for everyday use. It’s slender and lightweight enough to be used comfortably on a daily basis. It is certified to IP68 standards, which means it’s dustproof and waterproof.
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7 Ring Pricing and Availability
Currently, the 7 Ring is available to a select audience in India and can only be used within the country. It costs 7,000 INR and is available in 7 sizes. The ring can be used for 55 months.
If you want to explore more smart rings, check out these guides:
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