The Indian brand 7 has officially introduced the 7 Ring, India’s first contactless payment ring, in partnership with NPCI. This creative ring was unveiled in September at the Global Fintech Fest 2023. It uses NFC technology and a safe tap-and-pay mechanism similar to those of traditional credit cards, Samsung Pay, and Apple Pay. The 7 Ring promises to improve security protocols without sacrificing the ease of use of contactless payments. We examine the features, availability, and cost of the 7 Ring in detail in this overview.
Price and Availability
In India, the 7 Ring presently costs Rs 7,000. For a restricted period, the business is offering the smart payment ring at a discounted price of Rs 4,777 as a special early bird offer. Clients can choose to pay in full at once or over the course of six months with an EMI plan that costs Rs 829. 7 is offering a generous 55 months of validity and a 1-year limited guarantee for the ring with the purchase.
It’s crucial to remember that the Seven Ring is currently only accessible to a limited group of people who have received an invite code from current Seven Ring users.
Specification and Feature of 7 Ring
The 7 Ring is a sophisticated wearable with a scratch-resistant shell made of aerospace-grade zirconia ceramic and a hypoallergenic resin band for comfort on the skin. The ring is guaranteed to last thanks to its IP68 certification, which grants it 100% waterproof and dustproof properties.
It fits a range of finger sizes and is available in seven distinct sizes with a domed comfort fit. The ring complies with international payment security standards and uses NFC technology. It has earned an EMVco certification.
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The companion app makes it easier to set up a prepaid wallet and has a monthly transaction limit that can be increased with video KYC. Notably, bank account information is kept private because the prepaid wallet can only be topped off via UPI. In addition, the software allows for spending limits, lost ring blocking, and transaction tracking.
As a wearable that operates passively, the Seven Ring doesn’t require batteries because it gets its power from POS machines. Its special payment mechanism, which prevents skimming fraud by requiring a fist to be made at any POS, enhances security.
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