Seven is a consumer electronics startup from India that has developed the 7 Ring, a contactless payment wearable utilizing Near Field Communication (NFC) technology, which allows users to make transactions without the need for a smartphone app or PIN for payments under INR 5,000. This device addresses the inconvenience of carrying multiple payment cards by providing a secure, battery-free solution that links to a digital prepaid wallet, ensuring a seamless and efficient payment experience.
Funding
$83K raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Consumers often carry multiple payment cards, leading to inconvenience and the risk of loss or theft. Contactless payment methods using smartphones can be cumbersome, requiring app activation and potentially PIN entry for larger transactions.
Solution
The 7 Ring offers a streamlined solution by providing a Near Field Communication (NFC)-enabled ring for contactless payments. This wearable eliminates the need for physical cards or smartphone apps for transactions under INR 5,000 in India. The ring links to a prepaid digital wallet, which users can top up via a mobile app, ensuring secure and efficient payments. Designed for ease of use, the 7 Ring draws power from the POS machine, eliminating the need for batteries or charging.
Target Audience
The primary target audience includes consumers in India seeking a convenient, secure, and stylish contactless payment solution as an alternative to traditional cards and smartphone-based systems.
Features
- Contactless payments via NFC technology, EMVCo certified with EAL5+ secure element
- Links to a prepaid digital wallet, managed through a dedicated iOS and Android app
- No battery required; powered by the POS machine during transactions
- Scratch-resistant Zirconia Ceramic (ZrO2) construction with a hypoallergenic resin inner band
- IP68 certified for water and dust resistance
- Available in 7 sizes with a comfort-fit design; free sizing kit included with purchase
- 1% cashback on all transactions, credited to the 7 Ring wallet upon reaching milestones
- Mobile app features include transaction history, PIN management, and blocking the ring if lost or stolen