The country’s largest lender, State Bank of India (SBI), has partnered with Titan Company to launch ‘Titan Pay,’ a new product offering that customers can use as their watch for contactless debit card. The bank said that SBI account holders can tap their Titan Pay watch on point of sales (PoS) machine without the need of swiping or inserting their bank card. The customers can make a payment of upto Rs 2,000 through this watch, without a need of entering a personal identification number (PIN).
Rajnish Kumar, chairman, SBI said that bank customers will have to link their Titan Pay watches to SBI’s YONO App for enabling the payment. “We believe this innovative offering will redefine the shopping experience for our customers with tap and pay technology, ” he added.
The Titan Pay watch will act like a contactless debit card. SBI also specified that 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 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 Rs 2,995 and Rs 5,995.