NPCI Launches India’s First Contactless Payment Wearable “OTG Ring”

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In a groundbreaking development for the world of digital payments, the National Payment Corporation of India (NPCI) has unveiled the ‘RuPay ON-THE-GO’ ring, aptly named the ‘7 Ring.’

This innovative wearable ring marks a significant milestone as the first contactless payment device crafted entirely in India.

NPCI Launches India’s First Contactless Payment Wearable “OTG Ring”

In this article, we discussed everything you need to know about the ‘7 Ring’, a new cutting-edge technology for digital payments. It will explain what the ‘7 Ring’ is, how it works, who can use it, and what you need to do to use it to make payments.

Unveiling the Innovative ‘7 Ring’ at Global Fintech Fest, 2023

The Global Fintech Fest, 2023 (GFF 2023) was held in Mumbai, Maharashtra, India, from September 5th to 7th, 2023.

At this event, India showed off its skills in financial technology by introducing the ‘7 Ring’, a new piece of technology.

This piece of technology was not only designed and assembled in India, but it also has a patent that shows how unique it is.

7 (Sevenring Innovations Private Limited) and LivQuik Technology (India) Private Limited worked together to create the ‘7 Ring’.

Eligibility to Use the Ring

To buy the ‘7 Ring’, you must meet the following requirements:

  • You must be an Indian resident aged 18 or over.
  • You must have an active Unified Payments Interface (UPI) address.
  • You must satisfy at least one of the invite-only criteria.

The invite-only criteria are not yet known, but they may include things like being a high-net-worth individual, having a certain amount of money in your bank account, or being a member of a certain social group.

In other words, the ‘7 Ring’ is not available to everyone. It is only available to a select group of people who meet certain criteria.

Exploring the 7 Ring: Features and Build

The ‘7 Ring’ is not just another piece of technology; it is a very well-made piece of engineering. It is made from zirconia ceramic (ZrO2), which is a strong and scratch-resistant material that is also used in airplanes and rockets. This makes the ring very durable and stylish.

The ‘7 Ring’ also complies with the Restriction of Hazardous Substances Directive (RoHS), which means that it does not contain any harmful substances in its body or electronic components.

In other words, the ‘7 Ring’ is a very well-made and safe piece of technology.

Seamless Transactions: How the 7 Ring Works

Ever wondered about paying for things with just a fist bump? The ‘7 Ring’ makes it possible.

This new device lets you pay for things easily by just putting your fist on a point-of-sale (POS) machine.

It is designed to work with a digital prepaid wallet, so you don’t need a traditional bank account.

You can add money to your wallet and make payments easily, and you can keep track of your spending with the Passbook feature.

Here’s how it works:

  1. Put on your ‘7 Ring’.
  2. Go to a store that accepts ‘7 Ring’ payments.
  3. Place your fist on the POS machine.
  4. Enter your PIN if prompted.
  5. Your payment is processed!

The ‘7 Ring’ is a safe and convenient way to pay for things. It’s also a great way to reduce the risk of fraud and identity theft.

The Power of Proximity: 7 Ring’s Range and Compatibility

The ‘7 Ring’ is a contactless payment device, which means that it works by communicating with a contactless reader wirelessly. This makes it a very convenient way to pay for things, as you don’t need to swipe your card or enter your PIN.

The ‘7 Ring’ has a range of 4 cm, which means that it needs to be placed within 4 cm of a contactless reader in order to work. This is to ensure that payments are secure and that only authorized users can make payments.

The ‘7 Ring’ is also engineered to be hassle-free. You don’t need to use a smartphone app or enter an OTP/PIN for payments below Rs 5,000 in India. This makes it even easier and faster to make payments with the ‘7 Ring’.

Additional details about the ‘7 Ring’s contactless payment functionality:

  • The ‘7 Ring’ uses near-field communication (NFC) technology to communicate with contactless readers. NFC is a very short-range wireless technology that is used in a variety of applications, including mobile payments and access control systems.
  • The ‘7 Ring’ is equipped with a security chip that encrypts all payment data. This helps to protect your financial information from fraud and theft.
  • The ‘7 Ring’ is also water-resistant, so you can use it even in wet conditions.

Overall, the ‘7 Ring’ is a secure, convenient, and hassle-free way to make contactless payments.

Battery-Free Brilliance: How the 7 Ring Powers Up

One of the best things about the ‘7 Ring’ is that it is a passive device. This means that it does not need its own battery, but instead gets power from the POS machine. This makes the ‘7 Ring’ very easy to use and reliable.

Benefits of using a passive payment device like the ‘7 Ring’:

  • No need to charge: You don’t have to worry about running out of battery, so you can always use your ‘7 Ring’ to make payments.
  • Lighter weight: Passive devices are typically lighter than devices with built-in batteries, making them more comfortable to wear.
  • Longer lifespan: Passive devices typically have a longer lifespan than devices with built-in batteries.

Overall, the passive nature of the ‘7 Ring’ is a major advantage. It makes the device easier to use, more reliable, and more durable.

Security at the Core: The 7 Ring’s Technology

The ‘7 Ring’ uses Near Field Communication (NFC) technology to make payments. NFC is a short-range wireless technology that is used in a variety of applications, including mobile payments and access control systems.

The ‘7 Ring’ is also EMVco certified and adheres to global security standards. This means that it is a safe and secure way to make payments.

In other words, the ‘7 Ring’ can be used to make payments at any store that accepts contactless payments, including stores that use Visa, Mastercard, and American Express.

Here is a simple explanation of how NFC payments work:

  1. The ‘7 Ring’ communicates with the contactless reader using NFC technology.
  2. The contactless reader encrypts your payment information and sends it to the payment processor.
  3. The payment processor verifies your payment information and approves the transaction.
  4. The contactless reader sends a confirmation message to the ‘7 Ring.

Once the transaction is complete, you will see a confirmation message on the contactless reader.

NFC payments are very fast and secure. They are also very convenient, as you don’t need to swipe your card or enter your PIN.

Transaction Flexibility: Know Your Customer (KYC) Criteria

The ‘7 Ring’ has two transaction limit criteria based on Know Your Customer (KYC):

  • Minimum KYC: Monthly transaction limit of Rs 10,000
  • Full KYC: Monthly transaction limit of Rs 2 Lakhs

You can choose the KYC level that best suits your needs. If you only need to make small payments, then you can opt for Minimum KYC. If you need to make larger payments, then you can opt for Full KYC.

Here is a table that summarizes the two KYC levels:

KYC levelMonthly transaction limitRequirements
Minimum KYCRs 10,000Active UPI address
Full KYCRs 2 LakhsAdditional documentation, such as PAN card and Aadhaar card

To upgrade from Minimum KYC to Full KYC, you will need to provide additional documentation to the ‘7 Ring’ team. Once your KYC is upgraded, you will be able to enjoy a higher monthly transaction limit.

Please note that these transaction limits are subject to change at any time.

Embrace the Future of Payments with the 7-Ring

The ‘7 Ring’ is a new digital payment device that is changing the way we pay. It is convenient, secure, and innovative. It is a sign of India’s growing capabilities in financial technology. The ‘7 Ring’ is easy to use and promises to make payments smarter and more efficient.

In other words, the ‘7 Ring’ is a new way to pay for things that are better than the old way. It is easier, safer, and more modern. It is also a sign that India is getting better at making financial technology. The ‘7 Ring’ is easy to use and will make it easier and faster to pay for things.

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