New Delhi: Muse Wearables, which has been incubated in IIT Madras, collaborated with the National Payments Corporation of India (NPCI) in launching the first wearable payments ecosystem in India. Using the Muse Wallet platform and the RuPay network, customers can use their smart ring, called Ring One, to tap any point-of-sale terminal with an NFC reader and make an instant payment without having to use any phone, card, or wallet.
Available in more than 40 countries already and able to support cards issued by almost 600 banks across the world, Muse Wallet introduces its platform to India with the emphasis being put on making the digital payment process easier. The company has a vision of making wearable payments available and safe to millions of users, even in the Tier-2 and Tier-3 cities.
Secure and convenient transactions
Muse wallet uses any RuPay credit or debit card, and it transfers it into a high-security digital token in an encrypted Secure Element (SE) chip – the same degree of hardware security as a bank card or passport. This is to make sure that sensitive card information is wholly dissociated with the phone operating system or applications. The transactions can only be completed when the ring is on, and once the ring is removed, the transactions are stopped immediately. In case the ring is lost or stolen, the token will not be activated and will not be usable.
How the system works
The Muse app allows users to add their RuPay card to it by scanning or typing in card information. Muse Wallet links the card network and issuing bank to create a special token, which is safely stored in the SE chip in the ring. In the POS terminal the actual card number is not revealed; instead, the Secure Element performs the transaction. This security hardware will establish a new standard of wearable payments in India.
According to K.L.N. Sai Prasanth, co-founder and CEO of Muse Wearables, “We are developing a highly independent alternative to the digital wallets of foreign countries. In the short term (two years) our goal is to empower millions of RuPay cardholders to enjoy wearable payments.”
Sahil Ajay Choudhary, who is the Vice President of Global Business, said that “the world reaction to Muse Ring One has been phenomenal, and it is broadly recognised by 40 nations and 600 bank organisations.”
According to Prathyusha Kamarajugadda, co-founder and COO, “With Muse Wallet, users can pay at a single tap of the ring using any RuPay card, no phone, or wallet.”