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Smart Ring for Digital payments using NFC – An Indian startup launches

A Kerala-based startup in India, has launched ‘Smart Ring’ for $120 / ₹9,999 that enables users to make digital payment transactions easily with just a double-tap using NFC.

Technology is profound when its minimal in size, mostly. That’s why when a smartphone that comprised of doabilities of a laptop, calendar, calculator, and every other feature in it, got a huge bump since the last decade, leaving 83.07% of the world’s population to have one. The following feat of smartphones is the smartwatch, which upgraded to be also a health-companion for humans. And now, it’s time for ‘Smart Rings’, making people to handle payments in matter of seconds.

A startup named ‘Acemoney’ uncovered its smart ring recently at Huddle Global, a startup conclave organized by India’s Kerala’s Kerala Startup Mission (KSUM) in Thiruvananthapuram, Kerala.

Acemoney Smart Ring

Acemoney aims to ease the digital payments by using NFC, so it’s okay even if people forgot to take their cards, wallet or even a phone to a shop. As a ring can always be worn, it will cling you with your bank-money all-time. Like a normal ring, this smart ring too is waterproof, scratch resistant and hypoallergenic, adapting for all conditions.

The most interesting thing about the ring is that it has no battery or any charging component. Means, there’s no need of charging the ring, thanks to NFC tag.

NFCs functions by RFID technology that sends radio waves to activate the antenna in a receiving device. And the recipient validates the information to complete information exchange. The tech works for less than 4 inches (approx.) and they literally draw power from the device that reads them, thanks to magnetic induction.

When a wearer gets close enough to a payment reader, it energizes the ring and transfer data from that smart ring. Interesting, isn’t it?

This isn’t the first time in history of ‘smart rings’, however. Smart rings have already made its way in the world. Read here.

Features of the Smart Ring

The Smart ring will coexist with all other modes of payment and it won’t replace any payment method, allowing you to make UPI payments using this ring, says Jimmin J Kurichiyil, Co-founder of Acemoney.

Made of zirconia ceramic, the ring as it is NFC-enabled, there’s no need of Bluetooth connection with your smartphone. Enabling the ring to work, you have to download the Acemoney app on your phone and add money to the digital wallet – the smart ring. Then, “contactless transfer” has to be enabled on the app to make the ring to transact payments.

While initiating a transaction, the wearer should have to do ‘knock gesture’ on the ring precisely, to wake it up and wait till a beep sound is heard and transaction has been authorized on the terminal. It can be used at all Mastercard, Visa and Rupay card terminals.

Acemoney also secures you if you unfortunately lost the ring, by simply disabling the payment option with just a tap on the Acemoney app and the ring won’t fetch any payments after. You can also set a pin and a limit-option for the ring in its app.

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Price & Purchase

The smart ring is available for preorders from its website, priced at $120 / ₹9,999. However, there is no direct-link to purchase the ring, instead people will have to write to the firm in the website’s form to get the ring.

The startup has achieved 500 live users of rings and is receiving a lot of pre-orders. The firm is also looking up to open outlets in major airports and metro stations as physical stores for purchasing the smart-ring. Acemoney also has a keychain form of NFC tag that lets you to make digital transactions.

Would you buy one? Share with us in the comments.

(For more such interesting technology and innovative detailing, keep reading The Inner Detail).

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