Mastercard-Boat Join Hands To Enable Tap And Pay Feature In Wearable Devices
The function will enable secure contactless payments up to Rs 5,000 with tokenised Mastercard cards via the Crest Pay app
Mastercard has initiated a collaboration with Boat, Indian wearables brand, to introduce tap and pay functionality on Boat’s payment-enabled smartwatches. This feature, available through Boat’s Crest Pay application, allows Mastercard cardholders to make secure, contactless payments with a simple tap of their smartwatch.
The new partnership between Mastercard and Boat aims to enhance the convenience of everyday transactions for users by enabling tap and pay functionality on Boat smartwatches. This feature allows users to tokenise their existing Mastercard debit and credit cards from supported banks, enabling them to make payments up to Rs 5,000 at point-of-sale (POS) devices without needing to enter a PIN.
This feature is powered by Mastercard’s device tokenisation capability, which uses cryptograms to ensure that transactions are not only fast but also secure.
Growth Of Wearable Devices And Contactless Payments In India
The introduction of tap and pay functionality on Boat devices comes at a time when the demand for wearable devices in India is witnessing rapid growth. In 2023, the country’s wearables market expanded by 34 per cent, with smartwatch shipments increasing by an impressive 73.7 per cent, resulting in nearly 54 million devices in the market. This growing demand for smart wearables has created a significant opportunity for payment solutions integrated into wearable technology.
Gautam Aggarwal, Division President, South Asia at Mastercard, expressed his excitement about the collaboration, 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.”
Expanding Access To Contactless Payment Solutions
Initially, the contactless payment feature will be available to Mastercard cardholders from select leading banks in India, with plans to expand access to other banks over time. This phased rollout will ensure that more users across the country can benefit from the convenience and security of contactless payments through their wearable devices.
Sameer Mehta, Co-founder and CEO of Boat, highlighted the significance of this partnership, 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.”
As more consumers embrace smartwatches and other wearables, the integration of contactless payment features will likely drive further adoption of these devices, offering a blend of convenience, security and modern technology. The move also reflects a broader trend in the payments industry, where companies are increasingly looking to leverage innovative technologies to meet the evolving needs of consumers.
