7 Ring is an open-loop contactless payment wearable solution powered by the RuPay network
New Delhi: Homegrown consumer electronic startup Seven has unveiled a new smart ring called 7 Ring, a contactless payment solution device, the company announced in a release on Wednesday.
7 Ring is an open-loop contactless payment solution powered by the RuPay network. 7 Ring device is priced at Rs. 7,000 according to the company website.
The new wearable solution is made from Zirconia Ceramic material and uses the latest NFC (near field communication) technology by which users can make transactions without the need for a wallet, phone application, PIN or an OTP, the release added.
“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,” said Vijay Khubchandani (Founder & CEO – SEVEN).
At present, giants like Apple, Samsung, Huawei, Boat and Noise offer smart ring solutions in India. There are also brands and emerging startups that are working on products and payment solutions with the same.
Sevenring Innovations Private Limited or Seven is a consumer electronics startup from India, developing products combining the use cases of wearables with fintech applications.