Mastercard, a global leader in payments technology, has announced a strategic collaboration with boAt, India’s top wearables brand, to bring tap and pay functionality to boAt’s smartwatches. This integration allows Mastercard cardholders to tokenize their existing debit and credit cards through boAt’s Crest Pay application, enabling seamless and secure payments directly from their wearable devices.
How It Works: Tap and Pay on the Go
With the introduction of this feature, boAt smartwatch users can now enjoy the convenience of making contactless payments up to INR 5,000 via point-of-sale (POS) devices without needing to enter a PIN. This is made possible by Mastercard’s advanced device tokenization technology, which replaces card details with a unique digital identifier (cryptogram) for each transaction, ensuring a high level of security.
Initially, this feature will be available to Mastercard cardholders from select leading banks, with plans to extend it to other banks in the near future. This collaboration highlights the growing demand for wearable technology in India, where the wearables market expanded by 34% in 2023, with smartwatch shipments rising by an impressive 73.7%, resulting in nearly 54 million devices in circulation.
Industry Leaders Speak
Gautam Aggarwal, Division President, South Asia at Mastercard, expressed enthusiasm about the partnership, saying, “Delivering on the promise of highly inclusive and secure payments, Mastercard is thrilled to collaborate with boAt to power the launch of this innovative solution in the tap and pay segment. This association will integrate Mastercard’s trusted payment technology with boAt’s devices, enhancing the user confidence in the wearable payment technology through an unmatched experience.”
Sameer Mehta, Co-founder and CEO of boAt, echoed these sentiments, stating, “At boAt, we are always striving to push the boundaries of technology to improve the lives of our customers. Our partnership with Mastercard will help widen access to a consumer base which has continuously shown eagerness to adapt to newer modes of contactless payments.”
The collaboration between Mastercard and boAt marks a significant milestone in the evolution of wearable technology and digital payments in India. By integrating Mastercard’s secure payment infrastructure with boAt’s popular smartwatches, users can now experience a new level of convenience and security in their everyday transactions, paving the way for the broader adoption of wearable payment solutions across the country.
Also read – boAt Launches Wanderer Smart Smartwatch: A Revolutionary 4G Wearable for Child Safety
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