Mastercard partners with boAt to launch tap-and-pay feature on smartwatches

Multinational payment card services company Mastercard has announced its partnership with boAt, a leading brand in the Indian wearables market, to introduce tap-and-pay functionality on boAt's payment-enabled smartwatches.

The collaboration will allow Mastercard cardholders to make secure and convenient transactions directly from their wearable devices.

Key features of the tap-and-pay functionality

The new feature, integrated into boAt's Crest Pay application, will allow users to tokenize their existing Mastercard debit and credit cards, enabling tap-and-pay of up to Rs 5,000 via a POS device without requiring a PIN.

Initially, the tap-and-pay functionality will be available to Mastercard cardholders from select leading banks. However, the company plans to expand this service to additional banks over time to make it accessible to a broader audience. 

The partnership comes as the Indian wearables market has witnessed significant growth, with smartwatch shipments surging by 73.7% in 2023. The surge has led to a market size of nearly 54 million devices.

Leadership comments

Commenting on the partnership, 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 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, said, “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.”