Mastercard collaborates with boAt to enable tap and pay functionality on wearable devices
August 29, 2024 | Mumbai, IndiaThe collaboration aims to democratize contactless payments and extend an unmatched user experience.
Mastercard today announced its collaboration with boAt, India’s leading wearables brand, to enable tap and pay functionality on its devices. Mastercard cardholders using boAt’s payment-enabled smartwatches will now be able to avail this feature via Crest Pay, boAt’s official application for users to seamlessly make payments through their wearable devices.
Cardholders will be able to tokenize (save card) their existing Mastercard debit and credit cards of all supported banks and enable tap and pay functionality on their boAt smartwatches. 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, this contactless payment feature will be available to Mastercard cardholders from select leading banks in the country and 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 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. The collaboration integrates Mastercard’s trusted payment technology with boAt’s devices, enhancing user confidence in the wearable payment technology while extending 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 collaboration with Mastercard will help widen access to a consumer base which has continuously shown eagerness to adapt to newer modes of contactless payments.”
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
