Muse Wearables, an innovative startup nurtured at IIT-Madras, has joined forces with the National Payments Corporation of India (NPCI) to introduce a groundbreaking wearable payments ecosystem in India. This pioneering system leverages the Muse Wallet and the widely trusted RuPay network, marking a significant leap in digital transaction technology.
Imagine making payments effortlessly with just a tap of your finger! Their new ‘Ring One’ Smart Ring allows for instant, highly secure transactions on any NFC-enabled point-of-sale terminal, completely eliminating the need for a phone, card, or physical wallet. Having already established its presence in over 40 countries and supporting cards from nearly 600 banks globally, Muse Wallet is now tailored for the Indian market via RuPay. This initiative is set to simplify and secure digital payments for millions, extending convenience to even smaller cities and towns across the nation.
[Image: The ‘Ring One’ smart payment device. For enhanced security, transactions are only possible while the ring is being worn; removal immediately deactivates its payment function.]
At its core, Muse Wallet transforms any RuPay credit or debit card into a secure digital token. This token is then safely embedded within a tamper-resistant Secure Element (SE) chip – the identical hardware security standard found in traditional bank cards and passports. This advanced design ensures that all sensitive payment information remains entirely isolated from your phone’s operating system or other applications, providing unparalleled security. Muse Wearables is actively collaborating with various banks to integrate their cards into Muse Wallet, with the goal of encompassing all RuPay card issuers across India.
Effortless and Secure: How ‘Ring One’ Works
Getting started is simple: users can add their RuPay card to the Muse App either by scanning it or through manual input. The Muse Wallet then works in conjunction with the RuPay network and the issuing bank to create a unique digital token for that specific card. This token is then securely transmitted, encrypted, and stored within the Secure Element chip inside your ‘Ring One’. When you tap the ring at an NFC terminal, the Secure Element processes the transaction without ever revealing your actual card number. This innovative hardware-level isolation sets a new standard for wearable payment security in India. A crucial safety feature: the ring’s payment function activates only when worn, and instantly deactivates upon removal. Should your ‘Ring One’ ever be lost or stolen, the token stored within remains inactive and unusable without proper authentication, ensuring your financial safety.
K.L.N. Sai Prasanth, Co-Founder and CEO of Muse Wearables, expressed ambitious plans: “We are directly challenging global tech giants in the digital wallet space by offering a truly Indian, sovereign alternative. Our vision for the next two years is to empower millions of RuPay cardholders with the unparalleled convenience of wearable payments.”
Sahil Ajay Choudhary, Vice President of Global Business at Muse Wearables, highlighted the impressive international adoption: “The global reception for Muse Ring One Payments has been truly phenomenal. We’ve already gone live in 40 countries, collaborating with 600 banks on the Mastercard network.”
Prathyusha Kamarajugadda, Co-Founder and COO of Muse Wearables, emphasized the platform’s core innovation: “With Muse Wallet, we’re pioneering India’s first Secure Element Tokenization Platform. This allows users to easily add any RuPay card and pay instantly – no phone, no wallet, just the simple tap of your ring.”