Multinational payment card services company MasterCard has announced its partnership with boata leading brand in the Indian wearables market, will introduce tap-to-pay functionality on boAt payment-enabled smartwatches.
The collaboration will enable Mastercard cardholders to make secure and convenient transactions directly from their mobile devices.
Key features of touch payment functionality
The new feature, integrated into boAt’s Crest Pay app, will allow users to tokenize their existing Mastercard debit and credit cards, enabling them to pay up to Rs 5,000 through a POS device without requiring a PIN.
Initially, the card payment feature will be available to Mastercard cardholders of some leading banks. However, the company plans to expand this service to other banks over time to make it accessible to a wider audience.
The partnership comes at a time when the Indian wearables market has seen significant growth, with smartwatch shipments expected to increase by 73.7% by 2023. This surge has led to a market size of nearly 54 million devices.
Comments from the leaders
Commenting on the partnership, Gautam Aggarwal, President, South Asia, Mastercard said, “Delivering on the promise of highly inclusive and secure payments, Mastercard is delighted to collaborate with boAt to drive the launch of this innovative solution in the tap-to-pay segment. This partnership will integrate Mastercard’s trusted payment technology with boAt’s devices, enhancing user trust in wearable payment technology through an unmatched experience.”
Sameer Mehta, Co-Founder and CEO of boAt, said: “At boAt, we always strive to push the boundaries of technology to improve the lives of our customers. Our partnership with Mastercard will help expand access to a consumer base that has continuously demonstrated its willingness to adapt to new contactless payment modes.”
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