The upcoming feature will be accessed through Boat’s official application and will be secured by Mastercard’s tokenization capabilities. Boat said in a press release that its payment-supported smartwatches can be used to make transactions through tap and pay at POS terminals. The release said that users will not have to enter any PIN for transactions up to Rs 5,000. The security will be through the use of cryptograms that power Mastercard’s device tokenization technology.
“Our partnership with Mastercard will help us grow our user base, which is increasingly eager to adopt new ways of contactless payments,” said Sameer Mehta, co-founder and CEO of Bot. The company has announced that it will offer the tap-and-pay feature to Mastercard card users of several banks in India. There are plans to expand this to additional banks in the coming time.
Apart from Boat, Airtel Payments Bank in partnership with Noise and NPCI has introduced a smartwatch with support for National Common Mobility Card (NCMC) technology. The Airtel Payments Bank smartwatch is equipped with an integrated RuPay chip that makes transactions easier from the wrist of the users. It has been launched as a payment cum fitness device, the device includes health and fitness monitor features. The Airtel Payments Bank smartwatch is equipped with an embedded RuPay chip in the dial for direct, on-the-go payments. It also offers NCMC integration, which supports tap and pay transactions. With this integration, the smartwatch supports payments at merchant locations and metros, buses, parking facilities and other places in India. Users can turn on/off contactless payments from the smartwatch. Users can also make payments at contactless terminals without entering their PIN with a limit of Rs 5,000. For payments above the set limit, it will be necessary to enter the PIN code.
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