IIT Madras-incubated Muse Wearables partners with NPCI to launch India’s first wearable payments ecosystem

Muse Wearables, which started its travel from IIT-Madras, has partnered with the National Payments Corporation of India (NPCI) to motorboat India’s archetypal wearable payments ecosystem, powered by Muse Wallet and NPCI’s trusted RuPay network.

The caller ecosystem allows users to marque instant, unafraid payments by tapping their Smart Ring ‘Ring One’ connected immoderate NFC-enabled POS terminal — nary phone, card, oregon wallet required. Already unrecorded successful implicit 40 countries and supporting cards from astir 600 banks, Muse Wallet present brings its level to India done RuPay. The level aims to marque integer payments simple, secure, and accessible for millions of users, including those successful Tier-2 and Tier-3 cities.

Muse Wallet enables immoderate RuPay recognition oregon debit paper to beryllium converted into a unafraid integer token and stored straight wrong a tamper-resistant Secure Element (SE) spot — the aforesaid people of hardware information utilized successful slope cards and passports. The steadfast claims that this volition guarantee implicit isolation of delicate credentials from the phone’s operating strategy oregon applications. Muse Wearables has already begun onboarding issuing banks onto Muse Wallet and aims to enactment each issuers successful India.

How it works

Users adhd their RuPay paper to the Muse App — either by scanning oregon by manual entry. Muse Wallet communicates with the Rupay paper web and the issuer slope to make a unsocial token for that card. The token is securely transmitted to the Secure Element wrong Ring One, wherever it is encrypted and stored. When the ringing is tapped astatine an NFC terminal, the Secure Element executes the transaction without ever exposing the existent paper number. This hardware-level isolation makes Muse Wallet a caller benchmark for wearable information successful India. Payments enactment lone erstwhile the ringing is worn — removing it instantly disables transactions. If the ringing is mislaid oregon stolen, the token remains inert and useless without the authenticated context.

K.L.N. Sai Prasanth, Co-Founder and CEO, Muse Wearables, said, “We are taking connected overseas tech giants successful the integer wallet ecosystem by creating a genuinely sovereign alternate for India. In the adjacent 2 years, we purpose to alteration millions of RuPay cardholders to acquisition the convenience of wearable payments.”

“The planetary effect to Muse Ring One Payments has been phenomenal. We are already unrecorded crossed 40 countries and 600 banks connected the Mastercard network,” said Sahil Ajay Choudhary, Vice President - Global Business, Muse Wearables

Prathyusha Kamarajugadda, Co-Founder and COO, Muse Wearables, said, “With Muse Wallet, we are gathering India’s archetypal Secure Element Tokenisation Platform, enabling users to adhd immoderate RuPay paper and wage instantly — nary phone, nary wallet, conscionable a pat of your ring.”