Titan-SBI unveil contactless payment watches
NEW DELHI: Titan Company Ltd has partnered with the country’s largest lender State Bank of India (SBI) to launch contactless payment watches. Known as Titan Pay, Titan and SBI are launching a range of stylish new watches with contactless payment functionality, powered by YONO SBI, for the first time in the country.
With this launch, SBI account holders can tap their Titan Pay watch on contactless payment POS machine without the need of swiping or inserting their SBI bank card. Payments of up to Rs 2,000 can be made without entering a PIN.
A secure certified Near-Field Communication (NFC) chip embedded in the watch strap by Tappy Technologies enables all the functionalities of a standard contactless SBI debit card.
The payment feature on these watches will be accessible on over two million contactless MasterCard-enabled Point-of-Sale (POS) machines, the company said in a statement.
This collection of Titan watches include three styles for men and two for women and are priced between Rs 2,995 and Rs 5,995.
“Titan has always been at the pinnacle of design and innovation. We have always launched products to cater to the changing needs of our consumers. SBI is the perfect partner to introduce a payment solution for the new normal that is fast, secure and seamless. This product will not only satisfy the consumer’s banking needs but will also serve today’s evolving consumers with its classic and sophisticated designs,” C K Venkataraman, managing director, Titan Company Limited, said, while addressing reporters through a virtual event.
Sharing his thoughts on the association, Rajnish Kumar, chairman, SBI said, “We believe this innovative offering will redefine the shopping experience for our customers with Tap & Pay technology.”