7 Ring Launched in India as first Contactless Payment Ring: All you Need to Know

7 Ring has officially been unveiled as India's first contactless payment ring. The 7 Ring was first showcased at the Global Fintech Fest 2023 back in September.

This smart ring was developed by an Indian company called 7, in partnership with NPCI. The 7 Ring uses NFC to work like conventional cards, Samsung Pay, and Apple Pay through the tap-and-pay method.

7 Ring Pricing, Availability in India

The 7 Ring price in India is set at Rs 7,000. However, the company is offering the smart ring for just Rs 4,777 as part of an early bird offer. Customers can also opt for an EMI payment scheme at Rs 829 for 6 months.

The company has also listed several rewards for 7 Ring users, which will be available soon. 7 Ring can be purchased from the official website, although customers will need an invite code from existing 7 Ring users to purchase it.

7 Ring Features & Specifications

7 Ring is a smart ring that works with NFC Technology and is EMVco-certified to offer a contactless payment system with the same security system as payment instruments utilized by leading global banks. Users will require a companion app to activate the smart ring and set up a prepaid wallet, although only the ring is required to make payments.

Users will be required to verify accounts with KYC documents to set up a prepaid wallet, while the monthly transactions limit is set at Rs 10,000. Users will be able to use to ring to complete transactions lower than Rs 5,000 without the need of a phone, wallet, PIN, OTP, etc.

Vijay Khubchandani, Founder and CEO of Seven, said, "We are very excited to talk about our new innovation as 7 Ring is the first of its kind in India, offering a seamless and secure payment experience to our customers. With its chic design, durability, and convenient payment capabilities, 7 Ring is the perfect blend of style and technology, catering to the needs of modern consumers."

The smart ring itself doesn't require a battery as it consumes power from a POS machine to make payments. It also supports UPI, LivQuik, M2P, and other contactless payment methods. Additionally, as it works on UPI, there is no support for payment outside India.

The 7 Ring is precision milled from aerospace-grade, scratch-resistant Zirconia Ceramic (ZrO2). It also has a hypoallergenic resin band to prevent harm to the skin. Moreover, it is IP68 rated with the brand claiming 100% dust and water resistant. The 7 Ring comes in seven different sizes and is designed to fit all fingers comfortably.