Titan Company Limited has now partnered with the State Bank of India (SBI) to launch Titan Pay, a range of new watches that allow the users to make a contactless payment.
The payment will be powered by YONO SBI and according to the watch company, it will be the first time in India that such a facility is being extended.
The firm explained that anyone who has an SBI account will be able to tap on the screen of their Titan Pay watch on contactless payment POS machines and successfully carry out the transaction. There will be no need for swiping or inserting any bank card. Under the collaboration, 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,” a press release by Titan added.
The Titan Pay series of watches are going to come in overall five different styles, which includes 3 styles for men and 2 for women. The price range of the models is between Rs 2,995 and Rs 5,995 across India.
CK Venkataraman, Managing Director of Titan Company Limited said that the brand has always been at the pinnacle of design and innovation. Stating that they have always launched products to cater to the changing needs of customers, they feel that SBI is the perfect partner to introduce a payment solution for the new normal that is fast, secure, and seamless.
According to Venkataraman, the product will not only satisfy the consumer’s banking needs but will also serve today’s evolving consumers.
Rajnish Kumar, Chairman of SBI added that they are glad to be part of the launch of the unique proposition in the contactless payments space by Titan.
He added that they believe that the innovative offering will redefine the shopping experience for SBI customers with Tap & Pay technology.