Axis Bank, one of India’s largest private sector banks, has announced a partnership with boAt and Mastercard, a global payments technology company, to launch an NFC-enabled smartwatch for contactless payments.
The collaboration aims to transform everyday transactions by enabling consumers to make secure and seamless payments directly from their wrists, according to FF News.
This strategic partnership brings together financial services, wearable tech, and global payment infrastructure to offer a unified and futuristic payments experience.
Axis Bank cardholders can now use the WAVE Fortune Smartwatch, developed by boAt, to make contactless transactions using Crest Pay, boAt’s official payment application.
Mastercard powers the underlying payment system through its tokenisation technology, while TAPPY Technologies supports the token requestor infrastructure that enables secure card storage in the smartwatch strap.
Axis Bank provides a wide range of financial services and digital banking innovations to its customers across India. The bank continues to lead in integrating cutting-edge technology into its retail offerings, especially in contactless payments.
BoAt, meanwhile, is a fast-growing Indian electronics brand focused on affordable, stylish wearables and audio devices. Mastercard plays a critical role in enabling digital commerce globally, offering secure and scalable payment solutions through advanced tokenisation and transaction platforms.
The WAVE Fortune Smartwatch supports transactions of up to ₹5,000 at POS terminals without requiring a card PIN, facilitating faster and more secure payments. Axis Bank customers using Mastercard or VISA credit or debit cards can link their cards to the smartwatch and continue enjoying the usual benefits and rewards.
This development represents a significant leap forward in wearable FinTech, especially within the Indian payments landscape. It combines the aesthetics of a smart wearable with the power of digital banking and secure payments infrastructure.
Axis Bank president & head – cards, payments and wealth management Arnika Dixit said, “At Axis Bank, we have been continuously working on innovation-led partnership models to offer innovative and secure digital banking solutions to customers. In this effort, we are delighted to have partnered with boAt to truly make payments on-the-go, seamlessly integrating contactless payments into people’s day-to-day lives. Bringing in our expertise in tokenized contactless payments, ‘Wave Fortune’, a cutting-edge smartwatch will allow the users with the highest standards of safety and security, combined with a quick and convenient payment experience.”
boAt co-founder and CEO Sameer Mehta said, “At boAt, we are always striving to push the boundaries of technology to enhance everyday convenience. Our partnership with Axis Bank brings secure, effortless payments to the wrist, making contactless transactions more accessible than ever.”
Mastercard division president, South Asia, Gautam Aggarwal said, “In the near future, payments will be gesture-based — integrated into our daily routines, with transactions occurring in a frictionless manner. Wearable devices, irrespective of the form factor, will play a key role in this evolution, offering quick and secure payment experiences. As a company committed to shaping this future of commerce, Mastercard is delighted to power the tokenization enabled smartwatch, empowering users to pay with their credit or debit cards.”
Source: https://fintech.global/
