a smart health connected bracelet that pays your efforts in dollars

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The GoQii bracelet, created in collaboration with Axis Bank, allows users to earn money based on recorded physical effort. A system that should encourage many people to exercise more.

Sport is a rewarding practice. Physical activity helps improve mood, reduce stress and stay healthy. Now, exercising can also bring you money. Rather than spending your money in a gym, you may be tempted to use the GoQii, a smart health connected bracelet that pays its users according to the effort provided.

The principle is very simple. Users accumulate GoQii points while training. Through a partnership with Axis Bank,points can then be used to make payments in more than 100,000 Indian stores. What motivate even the most feigning of us to go out jogging. However, the value of each GoQii point is unknown.

The accessory also integrates the NFC payment system from Axis Bank. So, customers of this bank can use it to make all their payments, without having to carry a portfolio filled with cash.

Health is worth gold

This collaboration is the result of several months of intensive reflection on the positive impacts of the combination of fintech (financial technology) and health. These two sectors are currently the most promising in the field of startups. According to Vishal Gondal, CEO of GoQii, this new bracelet embodies the symbiosis between the two areas.

The smart health smart health connected object is based on the adage that good health is synonymous with wealth, but also on less metaphorical studies, demonstrating that a healthy person is able to generate a higher income. On their side, Banks like Axis are trying to understand how to integrate health management into their systems.

A unified platform for the Internet of Things

For GoQii, this is also an opportunity to expand its user base and help improve public health. Recently, this company dedicated to fitness is also trying to expand its services by trying to build partnerships with professional doctors. These are responsible for provide consultations and diagnostics through the companion app. This feature is made possible by the association with Max Healthcare and Thyrocare. The goal is to aggregate many fragmented services into a single platform. The integration of banking services within this platform is a logical continuity for Gondal.

For a long time, GoQii has been trying to develop an ecosystem around activity trackers. This new remuneration system allows the firm to open up new segments and attract users who are not at first interested in sports and physical exercise.

One of the motivations of this startup is the permanent evolution of smart health connected bracelets. Once only able to count the number of steps taken by the wearer, these gadgets are now real prevention tools for health, coupled with revolutionary contactless payment systems. The firm wishes continue to expand the range of possibilities offered by IoT.

GoQii to conquer India

According to IDC, the mark possesses the largest share of the Indian market with 18% of PdM in the previous quarter. His only current rival is the Chinese Xiaomi. However, Gondal is proud to be able to compete with such a giant after only two years of activity. He attributes this success to his unique business model in the smart health connected objects market, based on service rather than hardware.

Of course, GoQii faces many challenges. In the beginning, the smart health connected bracelets were a novelty in themselves. Therefore, the firm had to convince consumers to invest in a bracelet but also to subscribe to the services offered by the device. now GoQii is well on its way to becoming a global market leader, and this partnership with Axis should further accelerate its rise.

For now, this system of remunerative points is limited to the Indian market. However, we can hope that it will reach the hexagon in the months or years to come.

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