Now you will not need any debit card to pay after shopping, nor any mobile phone app. This work will now be done with your wrist watch. The watch giant Titan Company has launched 5 wrist watches supporting contactless payment in India for the first time. With the help of these watches, consumers will now be able to pay from Point of Sale (POS, POS) machines without using debit cards.
India Country's top lender State Bank of India (SBI) and Titan Company have partnered to launch contactless payment services through watches, called Titan Pay powered by YONO SBI. 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. These watches address the needs of the new normal by eliminating payment barriers and making transactions quick, contactless, secure, and easy for consumers.
Keep that in mind, this solution will only work for SBI Bank card holders. Payments of up to Rs. 2,000 can be made without entering a PIN, whereas payments above that will require manual entering of PIN code. The Titan Pay-enabled watches are not smartwatches.
“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" - Mr. Rajnish Kumar, Chairman, SBI
How this Watch Work?
When you reach for payment after shopping, all you have to do is go to the PoS machine and tap the Titan Pay Powered Watch. By doing this your contactless payment will be completed. As is usually the payment through a debit card with Wi-Fi facility. Titan payment watch facility only for SBI card holders.
The payment function provided in the wrist watch works through a special secured certified near-field communication chip (NFC) which is placed on the strap of the watch. The Titan Pay feature is powered by YONO SBI and will work in the same locations where the POS (point of sale) machine will be available.
How to use?
Only the State Bank of India card holders can avail the facility of Titan Payment Watch. If you pay up to 2000 rupees, then just by tapping the watch, payment will be done, no PIN will be required, but on payment above 2000 rupees you will have to enter PIN. As is usually the case with debit card payments with Wi-Fi facility.
“Titan has always been at the pinnacle of design and innovatinnovation. 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.” - C K Venkataraman, Managing Director, Titan Company Limited
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
Price & Color
The collection is exclusively available on titan.co.in. 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. The wristwatch launched for men is priced at Rs 2,995, Rs 3,995 and Rs 5,995. At the same time, women's watch will be available for Rs 3,895 and Rs 4,395. These watches come with black and brown leather straps and round dials. Due to the black and brown leather strap, the watch looks quite luxurious.
Watch Photos
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