Latest news with #ArnikaDixit
Finextra
18 hours ago
- Business
- Finextra
Axis Bank introduces NFC-enabled smartwatch
In a strategic leap into wearable fintech, Axis smartwatch payments just became more seamless. 0 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
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Business Standard
a day ago
- Business
- Business Standard
Now, Axis Bank users can tap and pay up to ₹5,000 via a smartwatch
Axis Bank customers can now make contactless payments through their smartwatch by tokenising their cards on the Crest Pay app, the bank announced on June 19, 2025. The new payment feature is available on the Wave Fortune smartwatch, launched in partnership with boAt and Mastercard. The wearable device, priced at ₹3,299 and currently selling at an introductory rate of ₹2,599, allows users to make tap-and-pay transactions without pulling out their phone or wallet. 'With Crest Pay and tokenisation, we're making secure contactless payments more accessible,' said a Mastercard spokesperson. The service works with both Mastercard and Visa cards issued by Axis Bank. The tap-and-pay feature uses tokenisation, replacing actual card details with a unique digital code stored securely in the smartwatch strap—making it safe from scammers, skimmed cards, and duplicate payments. Contactless payments through the strap The NFC payment feature is embedded in the watch strap itself. Once users add their Axis Bank credit or debit cards via the Crest Pay app, the card is tokenised—meaning it is converted into a secure digital version—before being stored in the strap. 'The smartwatch will allow the users with the highest standards of safety and security, combined with a quick and convenient payment experience,' said Arnika Dixit, president and head of cards, payments and wealth management at Axis Bank. Tokenisation is handled by Mastercard's system, while the backend infrastructure is provided by Tappy Technologies. Users can pay up to ₹5,000 per transaction at any compatible point-of-sale terminal without entering a PIN. According to Mastercard, wearable tech will soon become a standard way to pay. '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,' said Gautam Aggarwal, division president for South Asia at Mastercard. Despite being wearable-based, cardholders continue to receive cashback, reward points, or any benefits linked to their original plastic cards. The smartwatch is currently available in an Active Black finish and can be purchased from the official boAt website. Other smartwatch payment options in India India has seen several NFC-enabled wearable launches over the past few years: Titan Pay Launched: October 2020 Titan partnered with SBI and YELDI Softcom to introduce Visa card payments through a chip in the watch strap. GOQii Smart Vital Launched: September 2021 Enabled NFC payments through a tie-up with YES Bank and Mastercard on GOQii fitness bands. Apple Watch (Apple Pay in India) Launched: May 2022 Introduced with limited support via HDFC Bank and Axis Bank for Mastercard and Visa users. Garmin Pay Launched: January 2021 Rolled out with contactless payment support for Axis and ICICI Bank cardholders using Mastercard and Visa. Each of these solutions uses a combination of tokenisation and embedded chips to enable secure, contactless transactions directly from wearables.
