RBI Grade BNABARD ESISEBI
- Who: Muse Wearables (IIT-Madras incubated startup) and NPCI
- Device: Ring One
- Network: Rupay
- Unique Feature: Contactless payments with hardware-level tokenisation
Key Features:
- NFC Payments: Tap the ring on any NFC-enabled POS terminal; no phone, card, or wallet needed.
- Security: Payments enabled via Muse Wallet and Rupay; card credentials converted to a token stored in a Secure Element (SE) chip.
- Anti-Theft: Ring only works when worn; disables payment if removed.
Significance:
- India’s first device-based wearables payment ecosystem, promoting contactless, secure, and convenient transactions.