Convenience is in. Fast delivery. Food in minutes Quick video calls. Payments in seconds. This is life and as technology advances, so do convenience and speed.
Now a Kochi-based digital payments startup has taken convenience up a notch – it has built a finger ring that can make contactless payments without you having to carry your mobile phone or card wallet.
Acemoney was founded by Jimmin J Kurichiyil and Nimisha J Vadakkan with the aim of reducing the size of digital wallets and making the process of payments even more seamless.
Recently, Acemoney displayed its innovative ring at Huddle Global.
Huddle Global is a startup conclave that is set up in Thiruvananthapuram by the Kerala Startup Mission.
The what and how
The Acemoney’s finger ring is NFC-enabled and doesn’t need a Bluetooth connection to work. It is scratch-resistant and is completely waterproof, and safe to wear in all kinds of weather. The ring is made up of zirconia ceramic and is hypoallergenic.
To cater to everyone, the ring is available in various sizes.
To eliminate the worry of charging, the ring doesn’t come with a battery component.
Using the ring is very simple. Users simply have to download Acemoney’s mobile application on their phone and press ‘contactless’ to transfer funds to the digital ring.
After doing this, users don’t need their mobile phones or cards to make payments.
The Acemoney ring works on all Visa, MasterCard and Rupay card terminals.
To make payments on the terminals, users are required to curl their fingers in the ‘knock gesture’ – just as a door is knocked. This is to be done over the card terminal.
Once the beep is heard, the transaction gets authorized.
The Acemoney application also has pin and limit setting options. If the ring gets stolen or misplaced, the user can immediately disable the payment option on the ring through the Acemoney mobile application.
With Acemoney’s ring, co-founders Jimmin J Kurichiyil and Nimisha J Vadakkan aim to make payments easier for everyone.
But they are also wanting to ensure that no one leaves their house without money because of the NFC-enabled ring. According to them, the ring has been designed especially for situations when a person forgets to bring their mobile phone and ATM card but needs to make a payment.
Apart from that, the ring will also serve as an easy option to have during activities like running and hiking. Here, phones and wallets become another task to look after and with Acemoney’s ring, people won’t have to worry about that.
Jimmin J Kurichiyil believes that the ring will not replace UPI payments. In fact, that is not the aim either.
It will continue coexisting with other forms of payment. Acemoney’s ring will introduce a new, added comfort to people’s lives, and anyone who wants to adopt this fashion of payment will buy it.
The Acemoney ring is currently priced at Rupees 9,999. It can be purchased from the website acenobank.com.
The startup will also open outlets in airports and metro stations to build awareness and drive more sales.
Currently, 500 Acemoney rings are live and are being actively used. The startup claims that it is getting a lot of prepaid orders.
Soon, Acemoney will ramp up ring production to meet the demand and be available in the market.
Jimmin J Kurichiyil and Nimisha J Vadakkan’s startup is also receiving a good customer response for other digital wearable accessories like bands and key chains.
To view the smart ring and know more about the startup, visit the website.