Muse Wearables, an Indian tech startup, has collaborated with the National Payments Corporation of India (NPCI) to roll out the country’s inaugural wearable payment ecosystem.

This system is said to be powered by Muse Wallet, a deeptech payment platform, in conjunction with the RuPay network of NPCI.

The payment solution enables consumers to conduct payments instantaneously by using Muse’s smart ring, dubbed “Ring One,” at near field communication (NFC)-compatible point-of-sale terminals, bypassing the necessity for physical wallets, cards, or mobile phones.

Operational in over 40 nations and accommodating cards from around 600 banks, Muse Wallet is now expanding its reach to the Indian market via the RuPay network.

The initiative is set to expand secure digital payment options to users, including those residing in smaller cities.

Muse Wallet is said to facilitate tokenised transactions at the hardware level, utilising a secure element within the smart ring.

It is touted as the country’s inaugural secure element tokenisation platform, conforming to international EMV and Payment Card Industry (PCI) security norms.

The platform allows for the conversion of RuPay credit or debit cards into secure digital tokens, which are then stored in a secure element chip, ensuring security akin to that used in bank cards and passports.

This method ensures the protection of sensitive data from potential vulnerabilities in the operating system or apps of the phone.

The Indian Institute of Technology (IIT) Madras -incubated Muse Wearables has initiated the process of incorporating issuing banks into the Muse Wallet ecosystem and plans to supporting all issuers in India to make this payment method widely available.

Muse Wearables, which maintains operations in the US, Europe, and other regions, claims to have a deep tech team of 200 people dedicated to creating and manufacturing products.

Muse Wearables chief executive and cofounder K L N Sai Prasanth was quoted by Business Standard as saying: “We are taking on foreign tech giants in the digital-wallet ecosystem by creating a truly sovereign alternative for India.

“This proves that world-class technology can be built right here in India. With Muse Wallet, we are making cashless payments effortless. In the next two years, we aim to enable millions of RuPay cardholders to experience the convenience of wearables payments.”