Titan Company Ltd has partnered with country's largest lender State Bank of India (SBI) to introduce Titan Pay, which will allow SBI account holders to make contactless payments.
Through this partnership, Titan and SBI have launched a range of stylish new watches, with contactless payment functionality for the first time in India.
"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," CK Venkataraman, Managing Director, Titan Company, said.
Now, make your payments fast, hassle-free, contactless, and from your watch. Presenting the all-new Titan Pay, a new-age collection of stylish timepieces from Titan#TitanPay#PaymentWatch#ContactlessPayment#TitanWatches#Watchenthusiast#Titan#YONOSBI#LetsGetIndiaTickingpic.twitter.com/b8NG8bcxay— State Bank of India (@TheOfficialSBI) September 16, 2020
Rajnish Kumar, Chairman, SBI said that this innovative offering will redefine the shopping experience for SBI customers with 'Tap & Pay' technology.
SBI account holders can tap their Titan Pay watch on contactless payment POS machine and payments of up to Rs 2,000 can be made without entering a PIN or swiping or inserting an SBI bank card, a statement from Titan said.
"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," Titan said in a statement.
The company said the payment feature on these Titan watches will be available on over 2 crore contactless Mastercard-enabled Point-of-Sale (POS) machines.
To avail the facility, SBI customers will first need to register themselves on YONO mobile app. How much these watches cost? Titan is selling these watches comprising 3 styles for men and 2 for women between Rs 2,995 and Rs 5,995.