Titan launches India’s first contactless payment watch with SBI
Mumbai: Titan in partnership with India’s largest public-sector lender, State Bank of India, on Wednesday launched Titan Pay, a watch that allows contactless payments. With Titan Pay watches, 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.
A secure certified Near-Field Communication (NFC) chip embedded in the watch strap by Tappy Technologies will enable all the functionalities of a standard contactless SBI debit card. Payments of up to Rs 2000 can be made without entering a PIN.
Rajnish Kumar, Chairman, SBI, said, “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”.
Titan said that these watches address the needs of the new normal by eliminating payment barriers and making transactions quick, contactless, secure, and easy for consumers.
As per data shared by Titan, digital and contactless payments have grown rapidly at 15 times in the last 18-20 months. The outbreak of Covid-19 has only accelerated that growth further providing an immense opportunity for a product like Titan Pay.
The payment feature on these watches will be accessible on over 2 million contactless MasterCard-enabled POS machines in the country, stated the release. However, only registered SBI Yono customers will be able to avail this facility significantly restricting its target audience.
On top of it numerous options are already available to customers when it comes to contactless payment systems like contactless credit cards and debit cards, QR codes and payment apps for smartphones like Google pay and Paytm.