Mastercard, a global card payment technology company, announced its collaboration with boAt, a wearables brand, to enable the tap and pay functionality on its devices.
Mastercard cardholders using boAt’s payment-enabled smartwatches will be able to avail this feature via Crest Pay, boAt’s official application allowing users to seamlessly make payments through their wearable devices.
This new feature will allow cardholders to tokenize their existing Mastercard debit and credit cards of all supported banks and enable the tap-and-pay functionality on their boAt smartwatch.
Tap and pay allows users to transact up to INR 5,000 via a POS device without adding a PIN, enhancing the element of convenience in everyday purchases. Powered by Mastercard’s device tokenization capability which uses cryptograms, these transactions are not only quick but are also highly secure.
To start with, these exciting contactless payment features will be available to Mastercard cardholders from some of the leading banks in the country and will be extended to other banks in due course of time.
India has witnessed continued growth in demand for wearable devices. In 2023, the country’s wearables market expanded by 34%. This led to smartwatch shipments surging to an impressive 73.7%, resulting in nearly 54 million devices in the market.
Gautam Aggarwal, Division President, South Asia at Mastercard, said, “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, boAt, said, “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.”
