Titan with SBI launches first contactless payment watches2 min read . Updated: 16 Sep 2020, 03:33 PM IST
- 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 ₹2,000 can be made without entering a PIN
Amid the push for more digital transactions in the country, especially during the novel coronavirus pandemic and the way forward to the new normal, Titan Company has partnered with the country’s largest lender State Bank of India (SBI) to to launch contactless payment watches.
Known as Titan Pay, Titan and SBI are launching a range of stylish new watches with contactless payment functionality for the first time in India.
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 ₹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 2 million contactless MasterCard-enabled Point-of-Sale (POS) machines in the country, the company said in a statement.
This collection of Titan watches include three styles for men and two for women and are priced between ₹2,995 and ₹5,995.
Sharing his thoughts on the association, Mr. Rajnish Kumar, Chairman, SBI said, “We are glad to be a part of the launch of this unique proposition in the contactless payments space by Titan. It gives me immense pleasure to join hands with one of the world’s 5th largest watch manufacturer, to provide a smart and innovative shopping solution for our YONO customers with Titan Payment Watches. We believe this innovative offering will redefine the shopping experience for our customers with Tap & Pay technology. With the latest technological advancements, the State Bank of India has always been striving towards providing innovative, best-in-class banking services for our customers".
Speaking on the occasion, Mr. C K Venkataraman, Managing Director, Titan Company Limited said, “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."
Titan said these watches address the needs of the new normal by eliminating payment barriers and making transactions quick, contactless, secure, and easy for consumers. The collection is exclusively available on www.titan.co.in.