India’s First Contactless Payment Wearable “OTG Ring”
By Srikanto Mandal 18 Sept, 2023
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.
The OTG '7 Ring launched at the Global Fintech Fest, 2023 (GFF 2023) which was held in Mumbai, Maharashtra, India, from September 5th to 7th, 2023.
To buy the '7 Ring', you must be an Indian resident aged 18 or over with an active UPI address and You must satisfy at least one of the invite-only criteria.
The '7 Ring' is made from zirconia ceramic (ZrO2), which is a strong and scratch-resistant material that is also used in airplanes and rockets.
You can pay for things easily by just putting your fist on a POS machine. It is designed to work with a digital prepaid wallet, so you don't need a traditional bank account.
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.
'7 Ring' is a passive device which means that it does not need its own battery, but instead gets power from the POS machine.
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