Mastercard partners with boAt to launch tap-and-pay feature on smartwatches
Introduction
In a world where digital payments are becoming the norm, Mastercard has partnered with boAt, one of India’s leading wearables brands, to launch a tap-and-pay feature on smartwatches. This partnership can make everyday transactions easier and faster. The collaboration between Mastercard and boAt reflects the growing demand for seamless payment solutions in the Indian market, especially in the wearables segment.
The partnership allows boAt smartwatch users to make secure payments using Mastercard’s technology. This feature is integrated into boAt’s Crest Pay application, allowing users to link their existing Mastercard debit and credit cards. With just a tap of the wrist, you can now pay for purchases of up to Rs 5,000 without needing to enter a PIN. Initially, the service will be available to Mastercard cardholders from select leading banks, but the companies plan to extend it to more banks over time.
What is the Tap-and-Pay Feature?
The tap-and-pay feature on boAt smartwatches allows users to make payments by tapping their wearable device on a point-of-sale (POS) terminal. This technology, powered by Mastercard, tokenizes your card information, replacing it with a unique code, ensuring that your card details remain secure during the transaction. This is the same technology used in tap-and-pay cards, but now it’s available on a smartwatch.
With this feature, you can make payments up to Rs 5,000 at any tap-and-pay-enabled POS device without entering a PIN. For transactions above this limit, you will need to verify your payment with a PIN or additional authentication. The convenience of making secure payments with just a tap adds another layer of ease to your daily life.
Mastercard’s collaboration with boAt makes this technology accessible to a wider audience in India. Wearable technology is no longer just about fitness tracking; it now also offers a convenient way to manage your payments.
The Growth of Wearable Technology in India
India’s wearables market has seen tremendous growth in recent years. In 2023, smartwatch shipments in the country increased by 73.7%, reaching nearly 54 million devices. This surge highlights the increasing popularity of wearable tech among Indian consumers. As more people embrace these devices, companies are finding new ways to integrate everyday functionalities, like payments, into them.
Mastercard and boAt’s partnership comes at a time when contactless payments are becoming increasingly popular. People are looking for faster, more secure ways to pay, and wearable technology is stepping in to meet this demand. By introducing tap-and-pay functionality on smartwatches, Mastercard and boAt are positioning themselves at the forefront of this growing trend.
Why the Mastercard-boAt Partnership Matters
This collaboration is significant for several reasons. First, it combines the strengths of two leading brands: Mastercard, a global leader in payment solutions, and boAt, a major player in India’s wearables market. Together, they are bringing cutting-edge payment technology to consumers, making transactions more convenient and secure.
Second, the tap-and-pay feature aligns with the broader trend of digitalization in India. The country has seen rapid growth in digital payments, driven by government initiatives like Digital India and the rise of fintech startups. As more people adopt digital payment methods, the need for secure and convenient solutions like tap-and-pay will continue to grow.
Finally, this partnership showcases the potential of wearable technology beyond just health and fitness tracking. By adding payment functionality, boAt smartwatches are becoming multifunctional devices that offer more value to users. This could pave the way for further innovations in the wearables space, as other companies look to follow suit.
How Does the Tap-and-Pay Feature Work?
The tap-and-pay feature on boAt smartwatches is easy to set up and use. Here’s how it works:
- Link Your Card: First, you’ll need to download the boAt Crest Pay app on your smartwatch. From there, you can link your Mastercard debit or credit card by following the on-screen instructions. The app will tokenize your card details, replacing them with a unique code that can be used for transactions.
- Make a Payment: When you’re ready to make a payment, simply tap your boAt smartwatch on the POS terminal. The terminal will detect the tokenized card details and process the payment.
- Transaction Limits: You can make payments of up to Rs 5,000 without entering a PIN. For larger transactions, you will need to authenticate with a PIN or other security measures.
- Security: Mastercard’s technology ensures that your card details are never shared with the merchant. The tokenization process adds an extra layer of security, reducing the risk of fraud.
This simple process makes it easy for users to make payments on the go, without the need to carry a wallet or phone. Whether you’re grabbing a coffee, paying for groceries, or taking a cab, the tap-and-pay feature on boAt smartwatches offers a convenient and secure way to pay.
The Future of Contactless Payments in India
As digital payments continue to grow in India, contactless solutions like tap-and-pay will become even more important. Mastercard and boAt are leading the way with their new smartwatch feature, but they are not alone. Other companies are also exploring ways to integrate payments into wearable devices, and we can expect to see more innovations in this space in the coming years.
For consumers, this means more options and greater convenience. Wearable devices are evolving into all-in-one tools that can help you stay fit, connected, and now, pay for everyday purchases. The Mastercard and boAt partnership is just the beginning of what’s possible in the world of wearable payments.
Conclusion
The partnership between Mastercard and boAt to launch a tap-and-pay feature on smartwatches is a game-changer for the Indian market. It combines the convenience of contactless payments with the growing popularity of wearable technology, making it easier than ever to pay for everyday purchases. As digital payments continue to rise in India, innovations like this will play a key role in shaping the future of how we pay.
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