Titan partners with SBI to launch contactless payment watch
Titan has partnered with the State Bank of India to launch ‘Titan Pay’ contactless payment services through its watches, with five different styles available.
Titan’s new smart watch technology enables wearers to make payments of up to Rs 2,000 ($27.11) without entering a PIN and access the same features as a standard contactless SBI debit card through their watch. The collection of watches feature a secure certified Near-Field Communication chip embedded in the watch strap, facilitated by Tappy Technologies, ET Online reported.
In order to use the technology, customers need to have a SBI bank account. To make purchases using the watch, wearers can tap the Titan Pay watch on contactless payment POS machines, removing the need to swipe or insert a debit card at the store counter. Over two million contactless MasterCard-enabled POS machines located across India will be able to take payments in this way, according to SBI Bank.
The new collection of Titan Pay watches include three designs for men and two for women and the collection is priced between Rs 2,995 and Rs 5,995.
SBI Bank has heralded the launch as “India’s first payment watch,” on its Facebook page.
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