The smartwatch payment system of Axis Bank enables users to perform tap-and-pay transactions up to ₹5,000 without needing a phone or wallet. The Wave Fortune smartwatch from boAt and Mastercard enables contactless payments through the Crest Pay app which tokenizes credit and debit cards.
The wearable payment device enters the market at ₹2,599 while providing users with secure payment capabilities without their phone or wallet. The smartwatch strap stores a secure digital code through tokenization which protects users from fraud and unauthorized transactions.
The tap-and-pay functionality accepts Mastercard and Visa cards from Axis Bank through Tappy Technologies’ backend system. Users can link their cards to the Crest Pay app to make NFC-based payments at supported point-of-sale terminals without needing a PIN for transactions below ₹5,000.
The new payment solution from Axis Bank represents a significant achievement in wearable payment technology for the Indian market. Mastercard indicates that payment systems will evolve toward touchless and gesture-based transactions while Axis Bank demonstrates its leadership in this direction.
