Mastercard and boAt, India’s leading wearables brand, have signed an agreement to enable contactless payments on boAt’s payment-enabled smartwatches. This collaboration will enable Mastercard cardholders to make convenient and secure transactions using their wearable devices.
Main features:
Tap-to-pay functionalityMastercard cardholders can tokenize their existing cards and make transactions of up to Rs 5,000 using the Crest Pay app on their boAt smartwatches.
Enhanced Security: These transactions are highly secure thanks to Mastercard’s device tokenization technology.
Wide availabilityThe feature will initially be available to Mastercard cardholders from select banks, with plans to expand to other banks in the future.
“This new feature will enable cardholders to tokenize their existing Mastercard debit and credit cards from all supported banks and enable the tap and pay feature on their boAt smartwatch. The tap and pay feature allows users to make transactions of up to Rs 5,000 through a POS device without adding a PIN, enhancing the element of convenience in everyday purchases,” Mastercard said in a statement.
India’s wearables market has seen significant growth, with smartwatch shipments increasing by 73.7% in 2023. This surge has led to a market size of nearly 54 million devices.
“Delivering on the promise of offering highly inclusive and secure payments, Mastercard is delighted to collaborate with boat to drive the launch of this innovative solution in the card payment segment,” said Gautam Aggarwal, President, South Asia, Mastercard.
First published: August 30, 2024 | 14:37 IS
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