Axis Bank, one of India's largest private banks, has launched a new smartwatch that integrates tap and pay NFC-enabled payments, as it seeks to revolutionise wearable payments.

Through a partnership with Mastercard and India-based wearable brand boAt Lifestyle, “Wave Fortune” enables Axis Bank’s cardholders to tokenise and store their debt and credit card on the boAt Crest Pay app and complete tap-and-pat transactions directly from their smartwatch.

Designed by boAt, the Crest Pay app combines fitness tracking and contactless payment functions, allowing users to make payments while tracking fitness and mental health parameters such as steps, calories and heart rate.

Powered by Mastercard’s tokenisation technology and supported by TAPPY Technologies’ infrastructure, the smartwatch allows single-step payments of up to ₹5,000 on a POS device without entering the card PIN. The technology supports cards issued on both Mastercard and Visa networks, Axis said.

TAPPY Technologies’ infrastructure is certified by Payment Card Industry Data Security Standard (PCISS) and they’ve been approved by Visa and Mastercard as a “One for All” digital wallet solution provider.

“Whether you're grabbing a coffee, shopping on the go, or commuting, Wave Fortune ensures seamless and secure transactions, by integrating tap & pay NFC-enabled payments,” Axis Bank said in a LinkedIn post.

The smartwatch is currently priced at ₹3,299 with a limited time offer of ₹2,599 and is currently available in an active Black variant on the official boAt website.

in March, the bank launched near real-time, 24/7 programmable US Dollar (USD) clearing capabilities for its business customers in India through a partnership with JP Morgan.

By partnering with Kinexys Digital Payments (KDP), JP Morgan's global provider of blockchain-based financial infrastructure, the bank’s customers can now access 24/7 cross-border payments.

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