Axis Bank, one of India’s largest private sector banks, has partnered with boAt, India’s leading wearable brand, and Mastercard, a global technology leader in payments, to launch a cutting-edge smartwatch called “Wave Fortune”. The smartwatch is priced at ₹3,299 and allows users to make seamless and secure contactless payments using Near Field Communication (NFC) technology. Axis Bank cardholders can tokenize and store their debit and credit cards on the smartwatch using boAt’s official payment app, Crest Pay, and make payments of up to ₹5,000 without entering their card PIN.
The payment system, powered by Mastercard’s tokenization technology, allows users to securely store their cards within the smartwatch strap, enabling quick and effortless transactions. Axis Bank credit and debit cardholders on Mastercard and VISA networks will continue to enjoy the rewards and benefits of their linked card while making payments with the Wave Fortune smartwatch. The partnership aims to provide customers with a convenient and secure payment experience, integrating contactless payments into their daily lives.
According to Arnika Dixit, President & Head – Cards, Payments and Wealth Management at Axis Bank, the partnership is a significant step towards innovation-led digital banking solutions. Sameer Mehta, Co-founder and CEO of boAt, stated that the partnership brings secure and effortless payments to the wrist, making contactless transactions more accessible than ever. Gautam Aggarwal, Division President, South Asia at Mastercard, believes that wearable devices will play a key role in the evolution of gesture-based payments, offering quick and secure payment experiences.
The Wave Fortune smartwatch is designed to provide users with a next-level smartwatch experience, empowering them with convenience, security, and seamless transactions. With this partnership, Axis Bank, boAt, and Mastercard are revolutionizing wearable payments, making it easier and more secure for customers to make transactions on-the-go. The collaboration is expected to shape the future of commerce, with wearable devices playing a significant role in enabling frictionless and secure payment experiences.