12 hours ago
Axis Bank introduces NFC-enabled smartwatch
In a strategic leap into wearable fintech, Axis smartwatch payments just became more seamless.
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Axis Bank has launched an NFC-enabled smartwatch in collaboration with BoAt and Mastercard, transforming how consumers make contactless transactions on the go.
Wave Fortune is designed to empower users with convenience, security, and a next-level smartwatch experience. Axis Bank cardholders can now securely tokenize and store their debit and credit cards on the WAVE Fortune Smartwatch via Crest Pay, boAt's official payment app and make contactless payments effortlessly.
This feature, powered by Mastercard's tokenization technology and supported by the robust token requestor infrastructure of TAPPY Technologies, allows single-step payment of up to ₹5,000 on a POS device without entering card PIN, ensuring both speed and security. This launch further strengthens Axis smartwatch payments by integrating Mastercard's secure tokenization with BoAt's wearable design.
Powered by Mastercard, the payment system allows users to securely tokenize and store their cards within the smartwatch strap for quick and seamless 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.
Commenting on the partnership, Arnika Dixit, President & Head - Cards, Payments and Wealth Management, Axis Bank, 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 cuttingedge smartwatch will allow the users with the highest standards of safety and security, combined with a quick and convenient payment experience.' The rollout represents a leap forward in Axis smartwatch payments, making banking on the go both stylish and functional.
Sameer Mehta, Co-founder and CEO, boAt, 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.'
Gautam Aggarwal, Division President, South Asia at Mastercard 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
