One of the key trends in technology is miniaturization. Some 50-60 years ago, computers used to be room-sized. Then they turned into desktops, then laptops, and now we carry supercomputers in the form of smartphones. Everything is shrinking.
Earphones have shrunk. Watches have shrunk. Fitness trackers have shrunk. And so on goes the march of technology. Now a startup based in Kochi is trying to shrink the wallet and digital wallets, aka the phone, and trying to turn them into smart rings that will enable its users to carry out transactions and pay for goods and services by snapping their fingers.
The startup — Acemoney — showcased its smart ring recently at Huddle Global, a startup conclave organised by KSUM (Kerala Startup Mission) in Thiruvananthapuram.
The idea behind the ring is simple. It aims to use NFC and hopes to enable users to make transactions even when they are not carrying their cards, wallet or a phone. But why? Apart from the fact that it might turn out to be super convenient to make payments through a ring, which is always with you, the idea also ensures that you are never leaving your house without “cash”. Jimmin J Kurichiyil and Nimisha J Vadakkan, founders of Acemoney, told the India Today Tech that the product has been designed specifically for situations where a person has forgotten to bring their phone or ATM card.
“Think of a situation where somebody is going for morning jogging, or planning to go to the beaches to have some fun time with family, or going to pray at their place of worship. In all these cases, the most unwanted thing is your phones and wallets since we will find it difficult to keep them safe. That is where the payment rings can help you to be tension free,” Kurchiyil said.
Of course, such a product is more of an incremental update on the core tech. And Kurichiyil acknowledges it. On being asked whether the wearable ring would replace UPI payments, he said, “No. It won’t replace any other forms of payments, rather it would add more comfort to your lifestyle. It is going to coexist with all the other modes of payment. People who want to explore the style and fashion of payments would choose Acemoney rings.”
What is an Acemony ring?
The Acemoney ring is made up of zirconia ceramic, it is hypoallergenic and scratch resistant. It is also water-proof, so you can wear it in all weather conditions and situations. The ring has no battery or charging component, so you will not have to worry about carrying the charger with you every time. In addition, the ring is NFC-enabled and hence does not rely on Bluetooth connections. To enable the ring, you are required to download the Acemoney app on your phone and add money to your digital wallet, which in this case is your wearable ring. On the Acemoney app, you are required to enable “contactless” to transfer funds to your ring. Once that is done, you are no longer required to carry your phone to make payments.
The correct hand gesture is extremely important while making payments using the ring. The correct gesture to use is the “knock gesture.” Simply curl your fingers as you would if you were going to knock on a door, but do it over the payment terminal. Wait until you hear the beep and see that the transaction has been authorized on the terminal. The Acemoney ring can be used at all Mastercard, Visa, and Rupay card terminals.
If you are concerned about not finding the right sized ring for yourself, Acemoney has rings made in almost all sizes. You can check the website for available ring sizes. The device currently retails for Rs 9999 and can be purchased from acenobank.com.
What happens if you lose the ring?
With rings, the concern of losing them is also a common worry. You would not want to lose a ring worth Rs 10,000 and the one which is used to make payments. So, if you lose your Acemoney ring, you can disable the payment ring with just a tap on the Acemoney app and it instantly stops the payment option. Also, limit setting options and pin setting options are also available in the app.
Where can you buy the Acemoney ring from?
The ring retails for Rs 9999 and can be purchased from acenobank.com. The company says that it is opening outlets in major airports and metro stations where the ring will be available for purchase.
Of course, it is a new product and hence not much in use at the moment. Kurchiyil reveals that so far 500 rings are live and being used.
“We are getting a lot of pre-orders and a greater number of rings will be available in the market soon. Not only the rings, but also the other variants of wearable accessories like key chains and bands are also receiving good feedback from the market,” Kurchiyil said. “Since it is possible to link up to 4 payment accessories to a single digital wallet, it is convenient to track the transactions of multiple users through a single window. Even families are choosing this way to give pocket money to children and manage their monthly expenses.”
