Now, you can make payments using smart rings! But what are they?

With technology advancing, business transactions are becoming more and more easy. Now, in what comes as a first, smart rings can be used to make contactless payments. 

It is a brainchild of Seven and is priced conveniently at Rs 7000. 

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How the smart ring works

The 7 Ring employs NFC technology and adheres to internationally recognized security standards comparable to those used in global payment systems.

While an app is required for initial setup and loading funds onto the ring, it is not necessary for making payments thereafter.

Upon completing the initial verification process, users can establish a prepaid wallet with a monthly transaction limit of Rs 10,000.

Following a video KYC verification, users have the option to increase their transaction limit to Rs 2,00,000.

The accompanying app provides features such as transaction monitoring, setting spending limits, and the ability to block the ring in the event of loss.

To initiate a payment, users form a fist and bring the ring close to a payment terminal; the system is designed to prevent fraudulent transactions by not functioning if fingers are open.

The payment terminal powers the ring, eliminating the need for charging, and the system operates independently of Bluetooth technology.

The 7 Ring exclusively facilitates payments within India using UPI and does not support online transactions or payments outside of the country.