Up to Rs. 5,000 may be paid without a PIN with Boat smartwatches.
On Friday (August 30), the Global Fintech Fest (GFF) 2024 announced that boat smartwatch users in India may utilize tap and pay at approved POS terminals. Mastercard is helping the Indian smart wearable company accept credit and debit cards from approved banks. BoAt’s app offers this feature, safeguarded by Mastercard’s breaking down.
Boat Smartwatches: Tap and Pay
Boat revealed in a news release that its payment-enabled smartwatches can tap and pay at POS terminals. Non-PIN transactions up to Rs. 5,000 are allowed. Cryptograms that power Mastercard’s device tokenization will ensure security.
At launch, Boat Co-Founder and CEO Sameer Mehta remarked, “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.”
Mastercard cardholders from India’s top banks will have tap and pay, according to the corporation. It will eventually reach other banks. In 2023, smartwatch shipments rose 73.7 percent while the country’s wearable market grew 34 percent.
Other 2024 GFF announcements
Besides Mastercard, Bharti Airtel and Google Pay announced during the event. It launched an NCMC-compatible wristwatch with Noise. Its wrist-mounted RuPay chip allows wrist transactions. Airtel smartwatch customers may pay up to Rs. 5,000 at contactless terminals without inputting their PIN, like Boat’s tap and pay.
Google Pay added UPI Circle. It lets loved ones make digital payments without linking their bank accounts. Users may establish a monthly restriction for secondary users to perform transactions without permission or authorize each transaction.
CREDIT: Allneeds, Gadgets360
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