MINI PROJECT

ON
UPI BASED 7 RING

A project is submitted on the partial fulfilment for

MBA (Masters of Business Administration)

Semester – 2

Submitted By: Under Guidance of:

AMIT SHUKLA
SESSION: 2024-25

RAMESHWARAM INSTITUTE OF TECHNOLOGY AND MANAGEMENT

(Affiliated To DR. A.P.J. Abdul Kalam Technical University, Lucknow)
 RECOMMENDATION

This is to certify that the project report entitled on 7 Ring, Submitted by Amit Shukla
(MBA 1st year) towards partial fulfillment for the degree of Master of Business
Administration from Rameshwaram Institute of Technology and Management
affiliated to Dr. A.P.J. Abdul Kalam Technical University Uttar Pradesh, Lucknow, is a
satisfactory account of their work based on syllabus and is recommended for the award
of the degree.

HEAD OF DEPARTMENT Under Guidance of:

 DECLARATION

I Amit Shukla student of MBA 1st Semester, studying in Rameshwaram Institute

of Technology and Management, hereby declare that this Mini Project on 7 Ring
UPI Based Ring submitted to Mrs. Akankasha Tiwari , in a partial
fulfillment of “Degree of Masters of Business Administration” is the original
work conducted by me by primary and secondary data collection method.

The information and data given in the project is authentic to the best of my
knowledge. This Project is not being submitted to any other university for
any other Degree, Diploma and fellowship.

Date:
Place: Lucknow

AMIT SHUKLA
 ACKNOWLEDGEMENT

I am highly obliged to Mrs Akankasha Tiwari , my FACULTY,

for his guidance and support and granting me permission to carry out my project
report on “7 RING”.

I find immense pleasure in expressing my indebtedness and gratitude for having

received much help and assistance.

Last but not the least I would like to thank my family and friends for their support
without which this project would not have been successful.
AMIT SHUKLA
 PREFACE
For a Management student, Mini Project plays an important role during the
study. This project provides a corporate or real-world platform to learn
practically. MBA degree without any Innovative Project or ideas, experience is
just like food without salt. So, Mini Project provides a great learning experience
about management concepts and its applications.

This project was undertaken as a part of the curriculum of MBA course, which is
compulsory for each student to have the project in any new ideas to the
development of the student capabilities and gain the knowledge. This exposure
enables the mentor to learn effective and efficient ways and means to solve the
real problems faced by the organization and also to understand its dynamics.

MBA 1st YEAR

 INTRODUCTION

A UPI-Based Wearable Payment Solution

In the era of digital transformation, the way people conduct transactions is continuously evolving.
With the rapid proliferation of smartphones and mobile-based applications, digital payments have
become an essential part of daily life. Among these advancements, wearable payment solutions are
gaining popularity due to their ease of use and convenience. The 7 Ring is one such innovative
product that is revolutionizing the concept of mobile payments by merging the powerful Unified
Payments Interface (UPI) with a wearable, user-friendly device. The 7 Ring offers a unique approach
to contactless payments by integrating UPI functionality into a sleek, fashionable, and practical ring.
This concept not only enhances the user experience but also reflects a broader shift towards more
intuitive and seamless financial transactions.

The development of wearable payment solutions, like the 7 Ring, is aligned with a growing global
trend toward simplifying everyday payments. As we increasingly move towards a cashless society,
UPI-based wearables represent the next step in this journey, offering users an unprecedented level of
accessibility and ease. In this comprehensive exploration, we will delve deeper into the features,
functionalities, and potential of the 7 Ring, highlighting how it enhances the payment experience for
users, offers a higher level of security, and contributes to the future of digital finance.

The Concept Behind the 7 Ring

The core idea behind the 7 Ring is to simplify the payment process and make financial transactions as
convenient as possible. The 7 Ring is a small, lightweight wearable designed to be worn on the finger
like a regular ring. It integrates the Unified Payments Interface (UPI), a fast, real-time payment system
developed by the National Payments Corporation of India (NPCI), to enable instant transactions. UPI
has rapidly become one of the most popular digital payment systems in India, offering seamless
transfers between different banks and financial institutions. By incorporating UPI into a ring, users no
longer need to carry cash or cards to make payments. Instead, they can perform financial
transactions with a simple tap of their finger.
The 7 Ring utilizes Near Field Communication (NFC) technology, which allows users to make
contactless payments by tapping the ring on any UPI-enabled point-of-sale (POS) terminal. NFC
technology allows for secure data transfer without requiring physical contact, making it an ideal
solution for fast and efficient payments. This innovative approach eliminates the need for traditional
payment methods, such as cards or mobile phones, streamlining the payment experience and
making it more accessible to a wider range of users.

How the 7 Ring Works

The 7 Ring’s functionality is rooted in the user-friendly integration of UPI, NFC, and mobile
connectivity. To get started, users must first link their bank accounts to the 7 Ring via a mobile
application. Once this is done, the ring becomes connected to the user’s bank account, allowing
them to make secure transactions. Users can load funds into their account through their linked bank
account or through other UPI-supported payment methods, such as wallets or bank transfers.

The process of making payments with the 7 Ring is incredibly simple. When users are ready to make a
purchase, they simply tap the ring against a UPI-enabled POS terminal. The NFC technology
embedded in the ring allows for instant communication with the terminal, which processes the
payment using the same underlying infrastructure as UPI payments made through mobile apps. Once
the payment is successfully completed, the user receives an instant notification on their mobile
phone, confirming the transaction. This feature provides users with complete transparency and
control over their financial activity, allowing them to monitor and manage their spending in real time.
In addition to basic payments, the 7 Ring also offers additional features such as setting spending
limits, configuring security settings, and customizing transaction preferences. Users can define how
much money they want to be able to spend per transaction and enable additional layers of security
to protect their financial data. The mobile app used to manage the ring provides full visibility of
transaction history, account balance, and other important financial information.

Security Features of the 7 Ring

Given the increasing reliance on digital payments, security is a paramount concern for both
consumers and financial institutions. The 7 Ring recognizes this need for security and incorporates
multiple layers of protection to ensure the safety of users' financial data. One of the primary security
features of the ring is tokenization, which ensures that sensitive data is never directly transmitted
during transactions.

Tokenization works by replacing sensitive account information, such as credit card numbers or bank
account details, with a unique token that is used in place of the actual data. This minimizes the risk of
fraud, as even if a malicious actor intercepts the transaction, they will only obtain a meaningless
token rather than the actual payment information. Each transaction is accompanied by a unique
token, ensuring that no sensitive data is exposed or stored by the point-of-sale terminal.

Moreover, the 7 Ring employs encryption technology to safeguard the communication between the
ring and the POS terminal. This ensures that payment information is transmitted securely, preventing
unauthorized access to user data. In addition to tokenization and encryption, the ring’s companion
app offers features like biometric authentication, allowing users to set up fingerprint or facial
recognition to authorize transactions. This extra layer of protection ensures that only authorized
users can make payments using the ring, further minimizing the risk of fraudulent activity.
The 7 Ring also allows users to set spending limits for their transactions. This is an important feature
for individuals who are concerned about accidental or unauthorized payments. By setting transaction
limits, users can ensure that only payments within a certain threshold can be made, adding an extra
level of control to their financial management. Furthermore, users receive real-time notifications on
their mobile devices after each transaction, giving them the ability to monitor their spending and
verify the legitimacy of each payment.

Benefits of the 7 Ring for Users

The 7 Ring offers several key benefits that make it an attractive solution for users looking for an
efficient, secure, and convenient way to make payments. One of the primary advantages is the
simplicity of use. Unlike traditional payment methods, which require users to carry physical cash or
cards, the 7 Ring allows for contactless payments with a simple tap of the finger. This makes it much
easier for users to make payments quickly and effortlessly, without needing to fumble for their
wallets or mobile phones.

The 7 Ring is also an excellent solution for people who are always on the go. Whether commuting,
running errands, or attending events, the ring enables users to make payments without having to
stop and dig through their bags or pockets for their wallet. For those who prefer a hands-free
payment solution, the 7 Ring offers unparalleled convenience, as it allows for frictionless transactions
that can be completed in seconds.

Moreover, the 7 Ring offers significant security benefits over traditional payment methods. With the
implementation of tokenization, encryption, and biometric authentication, the ring ensures that
users’ financial data is protected at all times. This provides peace of mind for users, as they can
confidently make payments knowing that their information is secure. Additionally, the ability to set
spending limits and receive transaction alerts ensures that users maintain control over their financial
activity.

Beyond security and convenience, the 7 Ring also offers an element of personalization. The ring
comes in a variety of styles, colors, and finishes, allowing users to select a design that fits their
personal preferences. Whether a user prefers a minimalist look or a more luxurious design, the 7
Ring can be customized to suit different tastes, making it not just a functional payment tool but also a
fashionable accessory.

The Future of UPI-Based Wearables: The 7 Ring’s Role in Shaping the

Digital Payment Landscape
The 7 Ring is part of a larger trend in which wearable technology is playing an increasingly significant
role in the financial sector. As digital payment systems continue to evolve, the integration of UPI with
wearable devices like the 7 Ring represents a shift toward more seamless and intuitive financial
interactions. With the growth of UPI and the increasing adoption of contactless payments, the 7 Ring
is well-positioned to become a key player in the future of digital finance.

Looking ahead, the future of the 7 Ring and similar UPI-based wearables is promising. As more
consumers embrace digital payments, the demand for innovative, secure, and convenient solutions
will continue to rise. Additionally, with advancements in technology such as artificial intelligence (AI)
and machine learning, future versions of the 7 Ring may incorporate personalized financial insights,
predictive spending behavior, and automated budgeting features. These innovations would further
enhance the user experience, providing individuals with a more tailored and efficient way to manage
their finances.

The growth of UPI-based wearables could also lead to greater financial inclusion, as these devices
provide a simple and accessible way for individuals to make payments, even in areas with limited
access to traditional banking infrastructure. In regions where smartphone penetration is low, the 7
Ring could offer an alternative means of accessing digital payment systems, helping bridge the gap
between the unbanked and the formal financial system.

The Technology Behind the 7 Ring

The 7 Ring is a groundbreaking product that integrates modern payment systems with wearable
technology, allowing users to make seamless and secure payments directly from their fingers. Its
ability to merge the convenience of UPI (Unified Payments Interface) with the sophistication of
wearable technology sets it apart from other payment solutions. Behind the sleek and simple design
of the 7 Ring lies a range of advanced technologies that make it possible for users to conduct digital
transactions effortlessly. From Near Field Communication (NFC) to advanced encryption protocols,
the technology behind the 7 Ring is designed to provide the highest level of security, convenience,
and efficiency for its users. This in-depth look will explore the different technologies that work
together to make the 7 Ring a state-of-the-art wearable payment solution.

1. Unified Payments Interface (UPI)

At the heart of the 7 Ring lies UPI, India's most popular and fastest-growing real-time payment
system. Developed by the National Payments Corporation of India (NPCI), UPI allows users to make
instant transfers between bank accounts through their smartphones or other connected devices. It
has revolutionized digital payments by providing a seamless experience for both individuals and
businesses, enabling payments for a wide range of services, including bills, purchases, and peer-
topeer transfers.

For the 7 Ring, UPI offers the perfect solution for enabling frictionless, secure transactions directly
from a wearable device. When linked to a user’s bank account, the 7 Ring functions as an extension
of their UPI-powered mobile wallet. This means that all the features and benefits users experience
with UPI, such as instant fund transfers, accessibility, and security, are available through the ring.

By integrating UPI with wearable technology, the 7 Ring enables users to make payments directly at
any UPI-enabled point-of-sale (POS) terminal simply by tapping the ring. This dramatically reduces
the need for physical wallets, credit/debit cards, and smartphones, simplifying the user experience.
As UPI has become one of the most widely adopted payment methods in India, leveraging its
infrastructure ensures that the 7 Ring operates within a trusted and proven ecosystem.

2. Near Field Communication (NFC) Technology

One of the primary technologies behind the 7 Ring is Near Field Communication (NFC). NFC is a
short-range wireless communication technology that allows devices to exchange data when they are
placed close to each other, typically within a range of 4 centimeters. This is the technology that
powers the contactless payment functionality in the 7 Ring.

The 7 Ring uses NFC to securely transmit payment information to UPI-enabled POS terminals. When a
user taps the ring on a POS terminal, the NFC chip in the ring sends a secure, tokenized payment
request to the terminal, which is then processed by the bank’s payment gateway. The transaction
happens almost instantaneously, with the payment amount deducted from the user’s linked bank
account.

NFC technology is ideal for contactless payments because it enables fast, secure, and effortless
transactions. Unlike magnetic stripe cards or even chip-based cards, NFC payments don’t require
physical contact with the terminal or the need to swipe or insert a card. This makes the payment
process much more convenient, especially for busy individuals who may not want to dig through
their wallets for cash or cards. Additionally, the fact that NFC operates at such a short range provides
an added layer of security since the transaction can only occur when the ring is placed in close
proximity to the terminal.

Furthermore, NFC is also an energy-efficient technology, which is critical for a wearable device like
the 7 Ring. NFC chips consume minimal power, allowing the ring to operate efficiently without
draining the battery, making it ideal for small, battery-powered devices.

3. Tokenization and Encryption: Ensuring Security

Security is one of the most critical aspects of any financial transaction, especially in the digital age
where the risk of fraud and data breaches is prevalent. The 7 Ring employs a combination of
tokenization and encryption to ensure that sensitive payment information is never exposed during a
transaction.

Tokenization is the process of replacing sensitive information, such as credit card numbers or bank
account details, with a unique identifier or "token." Instead of transmitting actual payment details
during a transaction, the 7 Ring uses a unique token that represents the user’s payment information.
This means that even if someone intercepts the transaction data, they will only see the token, not
the actual financial information.
By using tokenization, the 7 Ring minimizes the risk of fraud or data breaches. Even if a malicious
actor attempts to steal payment data from the ring, they would only be able to access the token, not
the real payment information. This makes it far more difficult for attackers to use stolen data to
initiate unauthorized transactions.

In addition to tokenization, the 7 Ring uses end-to-end encryption to protect the communication
between the ring and the POS terminal. Encryption scrambles the data in such a way that only
authorized parties, such as the user’s bank or payment provider, can decrypt and access the
information. This ensures that even if someone intercepts the data during transmission, they won’t
be able to read or alter it.

Together, tokenization and encryption provide multiple layers of security, ensuring that user
transactions are safe from malicious attacks and data theft. The combination of these technologies is
a crucial aspect of the 7 Ring’s design, making it one of the most secure wearable payment solutions
on the market.

4. Biometric Authentication
To further bolster security, the 7 Ring integrates biometric authentication through its companion
mobile application. Biometric authentication typically uses unique physical traits such as fingerprints,
facial recognition, or iris scans to verify a person’s identity. In the case of the 7 Ring, the mobile app
can be configured to require biometric authentication before each transaction, ensuring that only the
authorized user can make payments using the ring.

Biometric authentication adds an additional layer of protection to the payment process, significantly
reducing the risk of unauthorized use. For example, if a user loses their 7 Ring, the biometric
authentication feature prevents anyone else from using the ring to make payments, as they would
not be able to unlock the app with the user’s unique biometric data. This biometric verification could
also extend to setting payment limits, allowing users to customize their ring’s functionality based on
their security preferences.

6. Power Management and Battery Life

For wearable technology like the 7 Ring, managing battery life is a crucial factor in its overall
functionality. Unlike smartphones and other devices that can be charged daily, wearables like the 7
Ring must balance energy efficiency with performance to ensure that users can rely on them for long
periods without frequent recharging.

The 7 Ring features a low-power NFC chip that consumes minimal energy, ensuring that the device
can operate effectively without draining the battery. The ring is designed to last for several days on a
single charge, making it an ideal option for users who are constantly on the move. Additionally, the
charging system is designed to be user-friendly, with easy-to-use charging docks or wireless charging
solutions that ensure the ring is ready for use at all times.
 Market Size Analysis of the 7 Ring

The digital payments sector has been rapidly expanding, with advancements in mobile technology,
digital wallets, and contactless payment systems leading the way for a cashless economy. As
consumer preferences evolve towards more seamless and convenient methods of managing their
finances, wearable payment devices have emerged as a significant area of growth within the fintech
landscape. The 7 Ring, a UPI-based wearable payment solution, fits perfectly within this growing
trend and promises to capture a substantial share of the digital payments market.

To assess the potential market size for the 7 Ring, it is crucial to understand the factors driving the
growth of wearable payments, the adoption of UPI-based systems, and the broader fintech
landscape. This analysis will cover the growth of the digital payments industry, the rise of wearable
technology, consumer behavior trends, and regional factors that may influence the product’s success.

1. The Digital Payments Market in India and Globally

India’s digital payment industry has seen unprecedented growth over the last decade, with platforms
like UPI leading the charge. The Indian government has been highly supportive of initiatives to
promote a cashless economy, with the launch of UPI, Bharat QR, and other platforms contributing
significantly to the rise of digital payments. According to the "Digital Payments 2025" report from the
National Payments Corporation of India (NPCI), India’s digital payments ecosystem is expected to
grow to a staggering $1 trillion by 2025, driven largely by UPI-based systems and mobile wallets.

In fiscal year 2024, UPI transactions in India reached over 86 billion, with transaction values
exceeding INR 155 lakh crores (approximately $2 trillion). As more consumers shift from cash-based
payments to digital modes, this growth trajectory is expected to continue, with UPI projected to
process over 1 trillion transactions annually by 2025. This presents a massive opportunity for
wearable payment solutions like the 7 Ring, which leverage the UPI infrastructure to offer consumers
an even more convenient way to make digital payments.

Globally, the wearable payment market is also expanding rapidly. According to a report by Grand
View Research, the global market for wearable payments was valued at approximately $8.8 billion in
2023 and is projected to grow at a compound annual growth rate (CAGR) of 29.3% from 2024 to
2030. This rapid growth is fueled by consumer interest in wearables that provide functionality
beyond traditional fitness tracking, with smartwatches, rings, and other devices becoming
increasingly popular for contactless payments. The adoption of wearable payments is expected to
continue its upward trajectory as consumers look for more convenient, secure, and efficient ways to
make transactions without having to pull out their wallets or smartphones.

The convergence of these two growing markets—the rise of UPI-based payments in India and the
global expansion of wearable payment solutions—creates a fertile environment for the 7 Ring to
thrive. India, in particular, presents a highly favorable landscape for such devices, given the
widespread adoption of UPI, the country's large mobile phone user base, and the growing preference
for contactless payments.

2. Market Trends Driving the Adoption of Wearable Payment Solutions

Several key market trends indicate a growing demand for wearable payment solutions such as the 7
Ring. Understanding these trends is essential to estimate the potential market size and assess the
product’s future growth prospects.

Consumer Demand for Convenience

One of the most significant drivers of the wearable payments market is consumer demand for
convenience. As smartphones, digital wallets, and mobile payment applications become a central
part of people’s daily lives, the demand for even more seamless, hands-free payment solutions is
increasing. Wearable payment devices, such as smartwatches and rings, eliminate the need to search
for a wallet or phone when making a payment. Instead, users can simply tap their device at a pointof-
sale terminal to complete the transaction. This level of convenience is especially attractive for busy
individuals, commuters, and anyone who prefers not to carry cash or cards.

Adoption of Contactless Payments

The COVID-19 pandemic further accelerated the shift toward contactless payments, as consumers
became more cautious about physical contact in public spaces. According to the 2023 "Global
Payments Report" by Worldpay, contactless payment transactions are expected to account for more
than half of all card-based payments by 2025. In India, UPI has already facilitated a significant portion
of contactless transactions, with an increasing number of merchants and consumers adopting
QRbased and NFC-enabled payment methods. As this trend continues, the market for wearable
payment solutions that leverage NFC technology, like the 7 Ring, will see increased demand.

Rise of Wearable Technology

Wearable technology has experienced significant growth in recent years, with consumers increasingly
adopting devices such as smartwatches, fitness trackers, and health-monitoring gadgets. The global
wearable technology market was valued at $62.8 billion in 2023, and it is expected to grow at a CAGR
of 20.3% through 2030. As wearables become more integrated into daily life, their utility expands
beyond fitness tracking and health monitoring to include payment functionalities.

Consumers are looking for devices that can simplify their lifestyle by offering multiple functionalities
in a single device. The 7 Ring, combining the utility of a digital payment system with the convenience
of wearable tech, fits perfectly into this growing trend. The popularity of wearable technology is
expected to fuel the adoption of products like the 7 Ring, especially as it becomes more integrated
into users' daily routines.

3. Target Audience and Consumer Demographics

Understanding the target audience for the 7 Ring is crucial for determining its market potential. The 7
Ring caters to a diverse group of consumers, ranging from tech enthusiasts to individuals looking for
convenient, secure payment solutions. Key demographic groups that are likely to adopt the 7 Ring
include:

Affluent Consumers and Early Adopters

Afluent consumers and early adopters of new technologies are often the first to embrace innovative
solutions, especially those that enhance convenience and simplify daily tasks. The 7 Ring’s
integration of cutting-edge technology, such as UPI, NFC, and biometric authentication, will likely
appeal to this group. As more high-net-worth individuals seek modern and stylish wearable devices,
the 7 Ring’s aesthetic design and functionality could make it a sought-after accessory among this
demographic.

Fitness and Health Enthusiasts

Wearable technology is widely popular among fitness and health-conscious individuals, and products
like smartwatches and fitness trackers are often used as a means of tracking health data. The 7 Ring,
being a compact and stylish wearable, could appeal to this group of consumers, as it offers the added
benefit of digital payments. Fitness enthusiasts may value the convenience of being able to make
purchases without having to carry cash or a phone, particularly when engaged in activities such as
running, cycling, or working out at the gym.

SWOT Analysis of the 7 Ring: A Wearable UPI Based

Payment Solution
The 7 Ring, a revolutionary UPI-based wearable payment device, offers a unique and innovative
solution that combines convenience, security, and technology. As the digital payments landscape
continues to evolve and wearables become more mainstream, the 7 Ring is positioned as a highly
attractive product in the market. However, like any emerging technology, it faces its own set of
challenges and opportunities. A comprehensive SWOT (Strengths, Weaknesses, Opportunities, and
Threats) analysis helps to understand the strategic position of the 7 Ring and its potential for success
in the competitive wearable payment market.

Strengths
1. Seamless Integration with UPI: One of the biggest strengths of the 7 Ring is its integration
with the Unified Payments Interface (UPI), a real-time payment system developed by the
National Payments Corporation of India (NPCI). UPI has gained massive popularity in India,
with billions of transactions being processed every month. As UPI has become synonymous
with convenience, security, and efficiency in digital payments, the 7 Ring leverages this
infrastructure to offer users a seamless and frictionless payment experience. Users can make
payments directly through their ring at any UPI-enabled point-of-sale (POS) terminal, making
it a highly attractive solution for the Indian market.

2. Contactless Payments via NFC Technology: The use of Near Field Communication (NFC)
technology in the 7 Ring is another significant strength. NFC enables quick, secure, and
contactless transactions, which are becoming increasingly popular worldwide. Users can
simply tap their ring to make payments, enhancing the ease of use. Contactless payments are
especially favored for their speed and convenience, making them ideal for busy consumers
who seek fast and efficient ways to handle financial transactions.

3. Enhanced Security with Tokenization and Encryption: Security is one of the most critical
aspects of any financial transaction system, and the 7 Ring excels in this area. The device
employs tokenization, replacing sensitive data with unique tokens that are used for payment
transactions. This ensures that even if the transaction data is intercepted, it is unreadable to
 malicious actors. Additionally, end-to-end encryption protects the data during transmission,
ensuring a secure payment process. This robust security system builds trust with consumers
who are concerned about the safety of their financial information.

4. Compact and Convenient Design: The 7 Ring offers a sleek, stylish, and wearable alternative
to traditional payment methods like smartphones, cards, or cash. Its compact design makes it
easy for users to wear it throughout the day, and it is available in various sizes and styles,
catering to different tastes. The convenience of having a payment system on your finger
eliminates the need to carry a wallet or phone, providing users with unparalleled ease of
access to their funds. This feature is especially attractive to younger generations and
techsavvy consumers who prefer minimalism in their daily lives.

5. No Need for a Smartphone or Wallet: Unlike many wearable devices, which still require a
smartphone to make payments, the 7 Ring operates independently, which is a unique
strength. This feature enables users to make payments without needing to take out their
phone or wallet. This increased convenience makes it a very compelling option for users who
want to streamline their payment experience and reduce dependency on multiple devices.

Weaknesses
1. Limited Adoption of UPI Globally: While UPI is immensely popular in India, it is not as widely
adopted in other parts of the world. The 7 Ring’s reliance on UPI-based transactions limits its
use to UPI-enabled terminals and users within the Indian ecosystem. This geographic
constraint could hinder the ring's ability to expand into global markets unless UPI or similar
payment systems become more universally adopted.

2. Battery Life Concerns: Although the 7 Ring is designed for convenience and efficiency, the
battery life of wearables is always a critical consideration. Given the small form factor,
managing battery consumption effectively while still supporting continuous payment
functionality can be challenging. If the ring’s battery life is short-lived or requires frequent
recharging, it could deter users who prefer long-lasting devices. To ensure the product’s
success, developers must focus on optimizing power efficiency and making the charging
process quick and easy.

3. Potential for Loss or Theft: As with any wearable device, there is always the risk of loss or
theft. If a user loses their 7 Ring, it could potentially lead to unauthorized transactions,
unless the ring is paired with biometric or other security features to prevent misuse.
Although the 7 Ring incorporates tokenization and encryption for secure transactions, the
loss of the device still represents a vulnerability that must be addressed. Implementing
features like remote deactivation, biometric locking, or automatic alerts could help mitigate
this weakness.

4. Dependence on Merchant Acceptance: While UPI adoption is widespread in India, the 7

Ring’s success still depends heavily on merchant acceptance of contactless payments,
especially in more remote or rural areas. Not all merchants may be equipped with
UPIenabled terminals, and some might not prioritize contactless payment solutions due to
cost concerns or lack of infrastructure. Expanding the reach of UPI and ensuring the 7 Ring is
compatible with a broad range of POS systems will be essential for mass adoption.
 5. High Initial Cost for Development and Production: Developing and producing a wearable
device like the 7 Ring requires significant upfront investment. The integration of NFC,
biometric authentication, tokenization, and other high-end features can lead to higher
production costs. These costs could impact the retail price of the device, making it less
affordable for certain segments of the population. The pricing strategy will be critical in
ensuring that the 7 Ring is accessible to a wide range of consumers, especially in
pricesensitive markets.

Opportunities
1. Expanding UPI’s Global Reach: While UPI is currently a dominant payment system in India,
there is growing potential for UPI to expand globally. India’s growing influence on the global
stage, along with increasing international partnerships, could pave the way for UPI-based
solutions to be accepted outside of India. This creates a major opportunity for the 7 Ring to
expand into other markets where UPI adoption may eventually take off, especially in

countries with large Indian expatriate communities or emerging economies where mobile
payments are gaining traction.

2. Growing Demand for Wearables: The global market for wearable devices is growing rapidly.
According to various industry reports, the wearable technology market is expected to grow
significantly over the next decade. As consumers become more accustomed to wearing
smartwatches, fitness trackers, and other connected devices, the 7 Ring is positioned to tap
into this expanding trend. With a well-executed marketing strategy, the 7 Ring could attract
tech enthusiasts, fitness aficionados, and individuals seeking convenience in their daily
financial transactions.

3. Potential for Collaboration with Financial Institutions and Retailers: Strategic partnerships
with banks, financial institutions, and retailers could provide the 7 Ring with a valuable
advantage in terms of customer acquisition and market expansion. By collaborating with
banks to promote UPI-based payment solutions or working with retailers to ensure wider
acceptance of the 7 Ring, the product could gain broader visibility and accelerate adoption.
Partnering with large retail chains, especially in high-traffic locations, could provide an
effective avenue for mass-market penetration.

4. Customization and Personalization: There is an opportunity to offer a highly personalized

experience to users by allowing them to customize their 7 Ring based on preferences for
security features, design, and functionality. This could include color options, interchangeable
bands, or even the ability to link multiple payment methods or accounts to the same ring.
Additionally, personalizing the device with features such as health tracking could make the 7
Ring more attractive to fitness-conscious consumers, enhancing its appeal.

5. Focus on Digital Inclusion: India’s push for digital inclusion, particularly in underserved
regions, offers a significant opportunity for the 7 Ring. By focusing on educating consumers
about the benefits of digital payments and providing affordable devices, the 7 Ring could
empower individuals in rural areas to participate in the digital economy. Offering low-cost,
simple payment solutions could also attract older adults who may find smartphones and
traditional banking services more difficult to navigate.
Threats
1. Competition from Established Brands: The wearable payment market is already highly
competitive, with established brands like Apple, Samsung, and Fitbit offering smartwatches
with integrated payment solutions. These companies have deep pockets for marketing, R&D,
and consumer trust. While the 7 Ring offers a unique value proposition with its UPI
integration, it must overcome the challenge of competing with global tech giants that have
loyal customer bases and more extensive resources.

2. Technological Advancements by Competitors: As wearable payment technology continues

to evolve, competitors may introduce more advanced features, such as longer battery life,
better security protocols, or additional functionalities like health tracking, which could
render the 7 Ring’s current offerings less competitive. Continuous innovation and keeping up
with market demands will be essential for the 7 Ring to stay relevant in the face of rapidly
changing technology.

3. Regulatory Challenges: Regulatory frameworks surrounding digital payments, data

protection, and wearable technology can present significant challenges for the 7 Ring. In
India, any changes to UPI regulations or concerns around data privacy could affect the ring’s
operation. Internationally, differing regulations around payment systems, privacy, and
security standards could complicate efforts to expand the product into global markets.

4. Consumer Concerns About Data Privacy: As a wearable device that handles financial
transactions, the 7 Ring may face consumer concerns regarding data privacy and the security
of personal financial information. While tokenization and encryption help mitigate these
risks, consumers may still be hesitant to adopt the device due to fears of data breaches or
misuse of their payment information. Building trust through transparency and robust
security measures will be crucial to overcoming this challenge.
 Product Variants of the 7 Ring: A Wearable UPI-Based
Payment Solution

The 7 Ring is a cutting-edge wearable payment device that integrates with India’s Unified Payments
Interface (UPI), enabling users to make seamless and secure payments without the need for a
smartphone or wallet. Given the diverse needs of consumers and the growing market for wearable
technology, offering multiple variants of the 7 Ring is essential to cater to a broad customer base. By
creating different versions of the 7 Ring, the product can appeal to various market segments, each with
specific preferences for design, functionality, and features.

Here’s a detailed look at the potential product variants of the 7 Ring:

1. Standard 7 Ring
The Standard 7 Ring is the base model and serves as the entry-level option for users looking for a simple,
functional wearable payment solution. This version is designed to focus on the core features of the product
— seamless UPI integration and contactless payments.

Key Features:

• UPI Integration: Allows users to make UPI-based payments by simply tapping their ring on a UPI-enabled
POS terminal.

• NFC Technology: Supports secure, contactless transactions.

• Minimal Design: The standard ring will have a sleek and simple design, focusing on practicality rather
than aesthetics, making it suitable for a wide range of users.

• Basic Security Features: Includes tokenization and encryption for secure transactions.

• Affordable Price Point: The standard variant is expected to be priced affordably to appeal to price-
sensitive consumers.

This version is ideal for users who prioritize ease of use, affordability, and functionality, making it an
attractive choice for first-time wearable payment users or individuals who want a no-frills solution for
digital payments.
 2. Ring Elite
The 7 Ring Elite variant is designed for customers who seek a more premium, feature-rich experience. It
offers enhanced functionalities and advanced security features for those who are willing to invest more
for additional benefits. This variant targets tech-savvy and security-conscious consumers who demand the
latest in wearable technology.

Key Features:

• Advanced Security: In addition to tokenization and encryption, the 7 Ring Elite includes biometric
authentication (such as fingerprint or vein recognition), ensuring that only the registered user can make
payments.
•
Premium Materials: The ring is made from high-end materials such as titanium, ceramic, or stainless
steel, giving it a premium look and feel.

• Customizable Design: Users can choose from various color options, finishes, and engravings, allowing for
a more personalized and stylish experience.

• Extended Battery Life: The Elite version comes with a larger battery that offers extended usage between
charges, ideal for power users who need the ring to last throughout the day.

• Enhanced NFC Capabilities: This variant supports faster transaction processing and is compatible with
more advanced POS systems, making it versatile across various retail environments.

The 7 Ring Elite caters to users who want more than just a payment device but also value luxury, design,
and additional security features. It appeals to professionals, business executives, and tech enthusiasts who
are willing to pay a premium for an elevated user experience.

3. Ring Fitness Edition

The 7 Ring Fitness Edition is tailored specifically for fitness-conscious individuals who want to combine
their digital payment experience with health tracking features. With the rise of health-focused wearables,
this variant offers added value to users who prioritize fitness and wellness.

Key Features:

• Health Tracking: Integrates with fitness tracking apps to monitor metrics such as steps, calories burned,
heart rate, and sleep patterns. It could sync with popular fitness platforms like Google Fit or Apple
Health.

• Waterproof and Durable: Designed to withstand sweat, rain, and rough conditions, making it ideal for
outdoor activities or intense workouts.

• Lightweight Design: The Fitness Edition is lighter than other variants, making it comfortable to wear
during exercise or physical activities.

• Fitness-Friendly Payment: Enables users to make payments at gyms, fitness centers, and health-related
retail stores without the need for a smartphone.

• Stylish and Sporty Look: The ring comes in sporty colors and materials that appeal to individuals who
want a functional yet trendy accessory.

The 7 Ring Fitness Edition offers a great solution for people who value health and fitness and need a
wearable that provides both payment functionality and fitness tracking capabilities. This variant is ideal
for athletes, gym-goers, and individuals leading an active lifestyle.

4. Ring Smart Edition

The 7 Ring Smart Edition is a more technologically advanced version that goes beyond payment functions
and integrates additional smart features, such as notifications, calls, and compatibility with smart home
devices. This version is targeted at early adopters of wearable technology who want a multi-functional
device.
•
Key Features:

• Smart Notifications: The Smart Edition can receive notifications from the user’s smartphone, including
messages, calls, and app alerts, vibrating to alert the user.

Smart Home Integration: This version can be paired with smart home devices like smart locks, lights, and
thermostats, allowing users to control their home environment with a simple tap of their ring.

• Voice Assistance: It includes voice control features, allowing users to issue commands through voice
assistants like Google Assistant or Amazon Alexa directly from their ring.

• Extended Connectivity: In addition to UPI, the Smart Edition could support Bluetooth or Wi-Fi
connectivity, enabling a range of smart features.

• Sleek Design with Touchscreen: While still maintaining the ring’s wearable design, the Smart Edition
could feature a small, discreet touchscreen or haptic feedback to allow the user to interact with
notifications and settings.

This variant is perfect for tech enthusiasts, individuals looking for a connected lifestyle, and those who
appreciate the integration of payment solutions with everyday smart functionalities.

5. Ring Kids Edition

The 7 Ring Kids Edition is specifically designed for younger users, focusing on safety, security, and ease of
use. As digital payments become more common among younger generations, the Kids Edition provides
parents with peace of mind, ensuring that their children can make secure, cashless transactions without
needing to carry a wallet or phone.

Key Features:

• Parental Controls: The ring can be linked to a parent’s account, allowing them to set spending limits and
track transactions in real-time.

• Child-Friendly Design: The ring is made from durable, hypoallergenic materials and comes in playful
colors and designs that appeal to children.

• Simple UPI Integration: The ring is pre-programmed with limited functionality to ensure children can
make simple, secure payments at select stores or locations without complexity.

• Geo-Fencing and Location Tracking: Some models may include a GPS feature, allowing parents to track
their child’s location for added safety and security.

• Affordable Pricing: The Kids Edition is designed to be an affordable option for parents, with additional
features such as spending caps or daily allowances.

The 7 Ring Kids Edition addresses the need for secure digital payments for children, empowering them to
experience the convenience of cashless transactions while giving parents control over their financial
activities.
•

6. Ring Corporate Edition

The 7 Ring Corporate Edition targets professionals and businesses that require specialized features for
corporate use. This variant is designed to cater to employees, business executives, and corporate clients
looking for a seamless payment solution in the workplace.

Key Features:

• Corporate Discounts and Benefits: The Corporate Edition comes with pre-installed benefits, such as
discounts at partner merchants, employee perks, or access to exclusive corporate services.

Expense Tracking: The device integrates with corporate financial systems to help track business-related
expenses automatically, eliminating the need for paper receipts or manual logging.

• Customization for Branding: Companies can customize the ring with their logo and design to match their
corporate identity, allowing employees to wear a branded accessory that also functions as a payment
tool.

• Bulk Corporate Solutions: Businesses can order the rings in bulk and manage employee accounts
centrally for payroll, incentives, and rewards.

The Corporate Edition is ideal for companies looking to provide employees with an efficient, secure, and
branded payment solution. It also enhances corporate rewards programs and employee engagement.
 Security Features of the 7 Ring: A Wearable UPI-
Based Payment Solution

The 7 Ring is a next-generation wearable payment device that integrates seamlessly with the Unified
Payments Interface (UPI), enabling users to make fast and secure payments with just a tap of their
finger. Given the sensitive nature of financial transactions and the fact that the ring is worn on a user’s
hand, ensuring the highest level of security is critical to its adoption and success. The security features
incorporated into the 7 Ring are designed not only to protect the user’s financial data but also to
prevent unauthorized access, fraud, and other potential risks that come with wearable payment
solutions.

1. Tokenization Technology
Tokenization is one of the core security features of the 7 Ring. This technique replaces sensitive
information, such as the user’s bank account number or UPI ID, with a unique, randomly generated
token that is used for transactions. This ensures that, even if the ring is lost or stolen, no one can access
the user’s actual financial data because the token is useless outside the secure network of the payment
processor.

How it Works:

• When a user makes a payment, the ring sends a token instead of the actual bank account
number or UPI credentials to complete the transaction.

• The token is securely stored on the payment processor’s server and is used only for that
specific transaction, rendering it useless to anyone trying to intercept the data.

Tokenization significantly reduces the chances of data breaches or unauthorized access to the user’s
personal information. It also provides an additional layer of security beyond traditional encryption.

2. End-to-End Encryption
End-to-end encryption (E2EE) is a standard security feature for digital payment systems, and it is
applied extensively in the 7 Ring. E2EE ensures that all communication between the ring, the payment
terminal, and the bank or payment processor is securely encrypted, making it nearly impossible for
hackers or malicious actors to intercept or tamper with the data.

How it Works:

• All data sent between the 7 Ring and the payment terminal, such as payment details and
authentication tokens, is encrypted using a robust encryption algorithm (such as AES-256).

• Only the recipient system, such as the bank’s server or the payment processor, has the key to
decrypt the information, ensuring that no third party can read or modify the data.

This level of encryption ensures that the information exchanged during a payment transaction
remains private and protected from cyber-attacks, even if the communication is intercepted during
transmission.
3. Biometric Authentication (Fingerprint, Vein
Recognition)
To enhance security, the 7 Ring incorporates biometric authentication features that allow users to
verify their identity before making a payment. This additional layer of protection ensures that only the
authorized user can use the ring for transactions, even if it is lost or stolen.

Types of Biometric Authentication:

• Fingerprint Authentication: The user’s fingerprint is registered in the system, and the ring
uses this fingerprint to verify the user before allowing a payment.

• Vein Recognition: This technology maps the unique pattern of veins in a user’s finger. It is
one of the most secure forms of biometric authentication, as vein patterns are incredibly
difficult to replicate.

How it Works:

• When a user attempts to make a payment, the 7 Ring prompts them to place their finger on a
small sensor embedded within the ring.

• The sensor scans the user’s fingerprint or vein pattern and matches it with the pre-registered
data.

• If the authentication is successful, the payment is authorized; otherwise, it is rejected.

Biometric authentication adds an extra layer of security and ensures that the user’s payments cannot
be authorized by anyone other than the registered individual, making it an essential feature for users
who prioritize security.

4. Real-Time Fraud Detection and Alerts

The 7 Ring is equipped with advanced fraud detection systems that monitor transactions in real time,
helping to identify any suspicious activity or potential fraud. This feature works in conjunction with the
user’s banking institution and payment network to flag and stop fraudulent transactions before they
are completed.

How it Works:

• The fraud detection system uses machine learning algorithms and pattern recognition to
identify unusual transaction behavior, such as payments made in a different geographic
location or transactions that exceed typical spending limits.

• When suspicious activity is detected, the system sends an immediate alert to the user via the
linked mobile app or a notification on the ring itself.

• In the case of a high-risk transaction, the payment is blocked until the user confirms it using
additional authentication methods (e.g., fingerprint, PIN, or biometric verification).

By using real-time fraud detection and alert systems, the 7 Ring offers users peace of mind knowing
that any unauthorized transactions can be quickly identified and stopped.
5. Secure UPI Integration
UPI (Unified Payments Interface) is the backbone of the 7 Ring’s payment functionality. As one of the
most secure and widely used payment systems in India, UPI provides an additional layer of protection
through features like two-factor authentication (2FA) and bank-level security protocols.

How it Works:

• Two-Factor Authentication: UPI typically requires users to authenticate payments with two
factors: something the user knows (such as a PIN) and something the user has (the 7 Ring,
which serves as a secure payment instrument).

• Bank-Level Security: UPI transactions are processed through secure banking systems that
adhere to industry standards for data protection, encryption, and fraud prevention.

By integrating with UPI, the 7 Ring leverages the security protocols already in place for UPI transactions,
providing users with the reassurance that their payments are processed through a secure and trusted
platform.

6. Loss or Theft Protection

In the unfortunate event that a user loses their 7 Ring or it is stolen, there are several built-in security
measures to protect their account from unauthorized use. These protections help prevent fraudulent
transactions and allow users to quickly lock or deactivate the ring.

How it Works:

• Remote Locking: If the ring is lost or stolen, users can lock it remotely through the associated
mobile app, preventing any further transactions from being made.

• Instant Deactivation: In addition to locking the ring, users can deactivate the device entirely
from the app, ensuring that no one else can use it for payments.

• Suspension of Associated UPI Account: The linked UPI account can be temporarily
suspended until the user recovers the ring or replaces it, providing an added layer of security.

These features ensure that users are protected even if the ring is lost or stolen, giving them control
over their financial security at all times.

7. Contactless Payment Security

While NFC (Near Field Communication) technology enables the convenience of contactless payments,
it also raises concerns about the security of wireless transactions. The 7 Ring addresses these concerns
by using secure NFC technology that requires close proximity (typically within a few centimeters) for
transactions to be processed. This reduces the risk of unauthorized access from a distance.

How it Works:

• The ring’s NFC chip generates a unique transaction ID for each payment, ensuring that no
two transactions are the same.
 • The chip also supports tokenized transactions, so even if someone manages to intercept the
signal, the captured data will be useless.

This ensures that contactless payments are secure, reducing the risk of “skimming” or unauthorized
transactions via intercepted signals.

8. Regular Software Updates and Patches

The security of the 7 Ring is continually improved through regular software updates and patches. These
updates address potential vulnerabilities and ensure the device remains resistant to emerging security
threats and cyberattacks.

How it Works:

• Periodically, users are notified through the mobile app that an update is available for the 7
Ring.

• These updates are installed over-the-air (OTA), ensuring that the device stays current with
the latest security protocols and features.

By providing regular software updates, the 7 Ring ensures that its security measures are always up-
todate, keeping users’ data protected from new and evolving threats.
 Validation of previous Idea

Welcome back to our blog series dedicated to exploring the features that set Ring One apart
from other smart rings in the market.

Ring One truly stands out by seamlessly integrating both advanced health tracking and on-
the-go payments. Today, we’ll dive deeper into how the payment feature works, ensuring that
you not only understand its functionality but also appreciate the uncompromising security
measures in place.

Muse Wallet: Your Digital Payment Hub:

At the heart of Ring One’s payment capability is the Muse Wallet application. This digital
wallet serves as the centralized hub where you can securely store all your payment cards.

Here’s how Payments with the Ring works:

1. Add your debit/credit card (VISA or Mastercard) to the wallet.

Zoom image will be displayed

2. Muse Wallet tokenises your card and securely transfers the token to the Ring
through Bluetooth.

3. You can now use your Ring at any POS terminal to tap and pay
Managing your cards:
Ring One empowers you to manage your cards effortlessly.

1. Temporarily Suspend or Remove Cards: If needed, you can temporarily pause or entirely
remove a card from your Ring.

2. Switch Between Multiple Cards: With multiple cards added to your Ring, you have the
flexibility to choose which one to set as a primary, all through the user-friendly Muse
Wallet app.

Muse wallet application makes your payments experience with Ring One seamless.

Security
We’ve implemented multiple layers of protection to safeguard your payments.

Technology
Our commitment to security involves multiple layers of protection across the technology in
Ring One and the Muse Wallet application.

1. Global Platform Certification: This certification ensures that our chip and operating system
have met stringent standards for safeguarding your card information.

2. CDCVM Certification (Consumer Device Cardholder Verification Method): To make sure

that payments are authorized only when you wear the ring, we use a combination of
advanced technologies mentioned above.

3. EMVCo Level 1: Our NFC chip (Secure Element) and antenna comply with EMVCo Level 1
standards by meeting the performance requirements set by global payment networks.

4. Level 2 Certification: Rigorous end-to-end testing is conducted separately for each

payment network to ensure adherence to the best privacy and security protocols,
guaranteeing the security of your transactions.

5. PCI-DSS Compliance: We take data protection seriously at every step. We maintain PCI-
DSS compliance for our wallet and server and any other service that handles your
cardholder information.

6. Interoperability: Ring One seamlessly integrates with various payment processors

connected to merchants’ POS machines. This interoperability is rigorously evaluated as
part of the EMVCo Level 1 certification.

7. Encryption: At every stage, we employ state-of-the-art encryption techniques. Private

keys, loaded onto the chips during manufacturing, guarantee that only your Ring
possesses the capability to decrypt cardholder data.

All these processes are done to make sure we are compliant to support both Mastercard and
Visa cards.
Confirming Intent
Ring One ensures every payment is made by you, guaranteeing your safety. We achieve this
through:

Did you know?

Whenever you remove your Ring One, the payment feature is automatically disabled. It
reactivates only when your Ring establishes a secure connection with your phone via
Bluetooth. This added layer of security ensures that no one else can use your Ring One for
payments.

Lost mode
You can instantly deactivate all your cards in the Ring by switching on the lost mode in the
app. This ensures that your personal financial data is completely locked and cannot be
accessed by anyone else the moment you trigger the mode.

What’s unique?

All the above mentioned security measures ensure that Ring One is the most robust and secure
way to make payments even more so than your physical cards

Availability
We’re committed to continuously adding support for more banks on the go, ensuring you
have access to the best payment experience wherever you are.

If you can’t find your bank from the following list, don’t worry. Just fill in the following form,
and we will work on integrating them into our Phase 1 development:
 Lean canvas

A Lean Canvas for the 7 Ring payment app would outline its key business model elements,
focusing on customer problems, unique value proposition, solutions, key metrics, and unfair
advantage. It would emphasize the ring's contactless payment functionality, lack of charging
or pairing, and use of UPI Lite technology, differentiating it from traditional payment methods
and wearables.

Here's a breakdown of the Lean Canvas elements for the 7 Ring payment app:

1. Problem:
Pain Points:
Consumers find it inconvenient to carry multiple cards or cash, and worry about losing or
misplacing wallets.

Existing Alternatives:
Traditional wallets, credit/debit cards, and other contactless payment methods like mobile
wallets. The 7 Ring aims to offer a more seamless and convenient experience.

2. Customer Segments:
Tech-savvy individuals, commuters, and anyone looking for a convenient and secure way to
make payments on the go.

Specifically targets users interested in minimalist and convenient payment solutions.

3. Unique Value Proposition:
Contactless Payments:
The 7 Ring enables quick and easy payments with a simple tap, eliminating the need to
fumble with cards or phones.

No Charging or Pairing:
The ring draws power from the POS machine and doesn't require pairing with a smartphone,
making it highly convenient.

UPI Lite Integration:

Utilizes UPI Lite technology, eliminating the need for direct bank account linkage and offering
a mobile wallet-based system.

Multi-Purpose Use:
Can also function as a metro card or for other NFC-enabled payments.

4. Solution:
A sleek, durable, and waterproof NFC-enabled ring that securely facilitates payments via a
linked prepaid wallet.

Mobile app for managing the ring, checking transaction history, and potentially enabling
features like top-ups.

5. Channels:
Direct Sales:
Online sales through the 7 Ring website and potentially partnerships with retailers.

Invite-Only Access:
Currently, the ring is available by invitation, potentially through CRED points or other
partnerships.

6. Revenue Streams:
Ring Sales: The primary revenue source comes from the sale of the ring itself.
Potential for Partnerships: Revenue sharing with payment processors or other service
providers.

7. Key Metrics:
Number of active users: Tracks the number of rings in use and making payments.
Transaction volume and value: Measures the total value of payments made with the
ring.

Customer acquisition cost: Tracks the cost of acquiring new customers.

Ring usage frequency: Monitors how often users utilize the ring for payments.

8. Unfair Advantage:
First-mover advantage: The 7 Ring was among the first to offer this type of contactless
payment ring.

UPI Lite Integration: Leveraging UPI Lite for a convenient and secure payment
experience.

Strong Brand: May build a loyal customer base due to its unique features and sleek
design.

NFC Technology and Security: Uses EMVco certified technology and security
standards.

9. Cost Structure:
Manufacturing Costs: The cost of materials, production, and quality control for the ring.
Marketing and Sales Costs: Expenses related to online sales, potential partnerships,
and customer acquisition.
 Market Feasibility

Market Feasibility Report: 7 Ring Payment System

--- The 7 Ring, a smart payment ring, shows promising market feasibility in India due to its
focus on UPI payments and contactless transactions within the wearable payment market. Its
convenience and unique features, like the ability to make payments without a phone, address
a growing need for hassle-free payment solutions, particularly among metro commuters and
those seeking alternatives to traditional payment methods. While challenges exist regarding
building consumer trust and competition, the company's progress and funding rounds
indicate growing investor confidence and potential for expansion within the Indian market.

Market Feasibility Factors:

Growing Wearable Payment Market:

The global wearable payment market is projected to reach significant values, with India
showing strong growth in digital payments. 7 Ring is well-positioned to capitalize on this
trend.
UPI and Contactless Payments:Focus on

7 Ring leverages India's popular UPI platform and offers a convenient contactless payment
solution, making it appealing to a wide range of users.

Addressing Consumer Needs:

The ring's features, like the ability to pay without a phone and its independent operation from
a smartphone app, cater to a growing demand for convenient and hassle-free payment
methods.

Strong Funding and Investor Interest:

7 Ring's successful funding rounds and the interest shown by investors on platforms like Shark
Tank India indicate positive market sentiment and potential for future growth.

Addressing Challenges:

The company is actively working on solutions for potential challenges like data security
concerns and ensuring smooth integration with various payment systems like NCMC (National
Common Mobility Card).

Potential Challenges:

Building Consumer Trust:

Establishing trust in a new payment technology like a smart ring requires strong marketing
efforts and demonstrating the security and reliability of the system.

Competition:

The wearable payment market is competitive, with established players and new entrants. 7
Ring needs to differentiate itself through unique features and strong marketing.

Regulatory Compliance:

Navigating the regulatory landscape for payment systems in India is crucial for 7 Ring's
continued success and expansion.

Scaling Operations:

Successfully scaling production and distribution to meet the anticipated demand will be
essential for 7 Ring to capitalize on the market opportunity.
Technical feasibility
 Key Technologies

NFC (Near Field Communiction):

The 7 Ring utilizes NFC technology, enabling contactless payments by tapping the ring against
a compatible POS terminal.

EMVco Certification:
This certification ensures the ring adheres to global standards for payment security,
guaranteeing a safe and reliable transaction process.

Digital Wallet Integration:

Instead of directly linking to a bank account, the ring connects to a digital prepaid wallet,
simplifying the payment process and enhancing security.

Technical Advantages:

No charging /Pairing:
The ring's passive power draw from the POS machine eliminates the need for charging or
pairing with a smartphone, enhancing user convenience.

Dust and Dustproof:

The 7 Ring is designed to withstand everyday wear and tear, with an IP68 rating for dust and
water ingress protection, making it suitable for various environments.
Security Features:
The ring incorporates security features similar to those found in credit cards and other
payment instruments, safeguarding user data during transactions.

User-Friendly Interface:
The companion app allows users to manage their ring, check balances, and view transaction
history, further enhancing the user experience.

Market impact:

Convenience and Simplicity:

The 7 Ring offers a convenient and hassle-free way to make payments, eliminating the need to
carry a wallet or use a smartphone for transactions.

Target Audience:
The ring is particularly appealing to metro commuters and UPI users who prefer a quick and
easy payment method.

Growing Wearable Payments Market:

The 7 Ring is well-positioned to capitalize on the growing trend of wearable payment devices,
potentially playing a significant role in the future of digital payments.

Potential Challenges:

Initial Adoption:
As with any new technology, widespread adoption of the 7 Ring may require time and effort
to educate consumers about its benefits and ease of use.

Infrastructure Limitations:
The ring's functionality is dependent on the availability of NFC-enabled POS terminals and
metro systems, which may not be universally available.

Security Concern

Financial feasibility
The financial feasibility of the 7 Ring payment app hinges on its ability to generate revenue
through transaction fees, particularly from interchange fees on point-of-sale (POS)
transactions and potential revenue from the National Common Mobility Card (NCMC)
integration. The company has already demonstrated its fundraising ability, securing multiple
rounds of funding, and has shown revenue generation through its operations.

Revenue Streams:
Interchange Fees:
7 Ring earns revenue from interchange fees when users make payments using the ring at POS
terminals and potentially at metro stations after NCMC integration.

NCMC Integration:
The company is working on integrating the ring with the NCMC, which could allow users to
make payments for public transport across the country.

Credit Card Tokenization:

Tokenizing credit cards for payments via the ring is another potential revenue stream.

Financial Performance:
Fundraising:
7 Ring has successfully raised multiple rounds of funding, indicating investor confidence in the
company's potential.
Revenue Generation:
The company has reported earnings of Rs 61 lakh in the 2023-24 fiscal year, with Rs 26 lakh
generated in Q1 and Rs 35 lakh in Q2.

Investment:
The company received a Rs 75 lakh investment from three Shark Tank India judges for 3%
equity.

Issues/challenges of the selected industry

The primary challenge for 7 Ring, and the contactless payment ring industry in general, lies in
building consumer trust and ensuring regulatory compliance in India's fintech landscape.
Additional hurdles include competing with established smartphone-based payment systems,
achieving wide-spread compatibility with various payment terminals, and addressing potential
security vulnerabilities inherent in wearable technology.

Here's a more detailed breakdown of the challenges:

Building Consumer Trust:

Wearable payment devices like the 7 Ring need to convince consumers that they are a secure
and reliable way to make payments. This involves transparent marketing, robust security
measures, and potentially addressing concerns about the device not being directly linked to a
bank account.

Regulatory Compliance:
The fintech industry in India is heavily regulated. 7 Ring needs to ensure it complies with all
relevant regulations, including those related to data privacy, security, and payment
processing.

Competition:
7 Ring faces competition from established mobile payment apps (like Google Pay, PhonePe)
and global brands (like Apple Pay) that already have a large user base and established
infrastructure.

Compatibility Issues:
While contactless payment rings use NFC technology, they may not be compatible with all
point-of-sale (POS) systems or payment apps, especially those used by specific banks or
fintech companies.
Security Vulnerabilities:
Wearable devices have limitations in terms of processing power, storage, and battery life,
which can make them more susceptible to security breaches. Data transmission via Bluetooth
Low Energy (BLE) or NFC can be vulnerable to eavesdropping or man-in-the-middle attacks if
not properly encrypted.

Card Tokenization:

Emerging technologies in the selected

industry

The 7 Ring payment app, a smart ring for contactless payments, utilizes emerging
technologies like NFC (Near Field Communication) and operates on the UPI Lite platform,
eliminating the need for a bank account link. It's a wearable device that doesn't require
charging or smartphone pairing, offering a seamless and secure payment experience.

Technologies and features:

Key Technologies:

NFC:
The ring utilizes NFC technology for short-range wireless communication, enabling payments
when tapped against a compatible PoS terminal.

UPI Lite:
The 7 Ring operates on the UPI Lite system, which allows for small-value transactions without
requiring a direct bank account link. Instead, users have a linked digital wallet.

EMVCo Certification:
The ring is certified by EMVCo, ensuring it meets global security standards for payment
instruments.

Features and Functionality:

Contactless Payments:
The primary function is to facilitate quick and easy contactless payments by tapping the ring
against a payment terminal.

Waterproof and Dustproof:

The ring is designed with an IP68 rating, making it waterproof and dustproof for everyday use.

No Charging or Pairing:
It doesn't require charging or pairing with a smartphone, offering convenience and a hassle-
free experience.

National Common Mobility Card (NCMC) Integration (Future):

The startup is working on integrating the ring with NCMC, allowing it to be used for public
transportation payments.

Tokenization of Credit Cards (Future):

The team is also developing a feature to allow users to tokenize their credit cards for
payments.

Direct-to-Consumer (D2C) Model:

The ring is sold exclusively through the company's website.

Premium Materials:
The ring is crafted from zirconia ceramic, with a diamond glaze for a premium look and feel.

Interchange Fees:
7 Ring generates revenue through interchange fees on POS machines and metro stations.
 REFERENCES

The 7 Ring is a contactless payment wearable, not a project requiring references in the
traditional sense. It's a smart ring that enables payments through NFC technology, eliminating
the need for cards or phones. While it was featured on Shark Tank India, the "references" you
might be looking for are related to its features, technology, and the funding it received on the
show.

1. Shark Tank India Pitch:

The 7 Ring founders sought Rs 75 lakh for 1% equity, valuing the company at ₹75 Crores.

They secured a combined investment of ₹75 Lakhs for 3% equity from three Sharks: Vinita
Singh, Varun Alagh, and Piyush Bansal.

This investment was split into 1.5% direct equity and 1.5% advisory equity.

2. Technology and Features:

NFC Technology: The ring uses Near Field Communication (NFC) for contactless payments.

No Charging/Battery: It's a passive wearable, drawing power from the POS machine, so it
doesn't need charging.

EMVco Certified: It meets the security standards of global payment networks.

Waterproof and Dustproof: The ring is designed to withstand water and dust.

Material: It's made from a scratch-resistant Zirconia Ceramic material.

3. Funding History:
Besides the Shark Tank investment, 7 Ring had earlier funding rounds, including ₹50 Lakhs in
2018 and ₹65 Lakhs in 2020.

4. Payment Experience:
The ring is designed to be placed parallel to the contactless symbol on a POS machine to make
a payment.

It's linked to a digital prepaid wallet in the cloud.

Users can get flat 1% cashback on every spend made via the ring.