This collaboration marks a significant step towards digital payments adoption in India, particularly among the younger generation. It also signifies Mastercard’s commitment to expanding its presence in the wearables market. The partnership will allow boAt to offer its customers a seamless and convenient payment experience. This will be achieved through the integration of Crest Pay, which allows users to make contactless payments directly from their smartwatches.

The growth is driven by several factors, including rising disposable incomes, increasing smartphone penetration, and the growing popularity of smart features. The Indian market is particularly attractive to global players due to its large and growing consumer base, its relatively low manufacturing costs, and its favorable government policies. The Indian government has implemented various initiatives to promote the growth of the wearables market, including the “Make in India” program, which aims to boost domestic manufacturing and reduce reliance on imports.