Mastercard, a global leader in payment card services, has announced a strategic partnership with boAt, a prominent brand in the Indian wearables market. Together, they are set to introduce tap-and-pay functionality on boAt’s latest payment-enabled smartwatches. This collaboration marks a significant step forward in integrating payment technology with wearable devices, offering users a seamless and secure way to make transactions.
Innovative Tap-and-Pay Functionality
The new tap-and-pay feature will be integrated into boAt’s Crest Pay application. This feature allows users to tokenize their existing Mastercard debit and credit cards, enabling them to make quick and easy payments directly from their smartwatches. Transactions of up to Rs 5,000 can be completed via a POS device without the need for a PIN, providing a convenient solution for everyday purchases.
Initially, this feature will be available to Mastercard cardholders from select leading banks. However, both companies plan to expand the service to include additional banks in the near future, ensuring broader accessibility for users across India.
Growth of the Indian Wearables Market
The introduction of this feature comes at a time when the Indian wearables market is experiencing significant growth. In 2023, smartwatch shipments surged by 73.7%, reaching a market size of nearly 54 million devices. This rapid growth reflects the increasing demand for wearable technology in India, making the launch of the tap-and-pay feature timely and relevant.
Leadership Insights
Gautam Aggarwal, Division President, South Asia at Mastercard, expressed his enthusiasm for the partnership, stating, “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 user confidence in wearable payment technology through an unmatched experience.”
Sameer Mehta, Co-founder and CEO of boAt, also shared his excitement, saying, “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.”
New Era of Contactless Payments
The partnership between Mastercard and boAt signifies a new era of contactless payments in India. By combining Mastercard’s trusted payment technology with boAt’s innovative wearable devices, this collaboration aims to enhance the user experience and promote the adoption of wearable payment technology. As the Indian market continues to grow, this partnership is well-positioned to meet the evolving needs of tech-savvy consumers.
The collaboration between Mastercard and boAt is a significant milestone in the integration of payment technology with wearable devices, offering users a secure, convenient, and futuristic way to manage their transactions.
