SUMMARY
- Mastercard has collaborated with boAt to integrate tap-and-pay functionality into the latter’s smartwatches.
- Cardholders of Mastercard will now be able to make payments through boAt’s Crest Pay in its payment-enabled smartwatches.
- This function supports transactions up to Rs 5,000 through a POS device, without the requirement of a PIN.
Mastercard has collaborated with the prominent wearable brand, boAt, to integrate tap-and-pay functionality into the latter’s smartwatches.
Cardholders of Mastercard, who utilize boAt’s payment-enabled smartwatches, will now have the capability to make payments through boAt’s Crest Pay, as announced in a press release from Mastercard.
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 innovative feature permits cardholders to tokenize their existing Mastercard debit and credit cards from participating banks, hence enabling tap-and-pay transactions on their boAt smartwatch. This function supports transactions up to Rs 5,000 through a Point of Sale (POS) device, without the requirement of a Personal Identification Number (PIN), significantly enhancing the convenience of daily purchases.
The contactless payment feature is set to be initially accessible to Mastercard cardholders from select leading banks, with intentions to broaden its availability to additional banks in the future.
Market research indicates a notable growth in the Indian wearables market, with a 34% increase in market size in 2023, accompanied by a significant rise in smartwatch shipments by 73.7%, which has nearly brought 49 million devices into the market.
