WOW! SBI enables contactless payment through watches! Announces partnership with Titan Company

The new normal has enforced upon an urgent need to bring about innovative and safer purchase solutions in the retail space. The fifth-largest watch brand in the world, Titan Company Limited has partnered with the country’s largest lender State Bank of India (SBI) to introduce Titan Pay powered by YONO SBI. Through this partnership, Titan and SBI are launching a range of stylish new watches with contactless payment functionality for the first time in India. With this launch, 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. Payments of up to INR 2000 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.

Sharing his thoughts on the association, Rajnish Kumar, Chairman, SBI said, “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 manufacturers, 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”.

Speaking on the occasion, CK Venkataraman, Managing Director, Titan Company Limited said, “Titan has always been at the pinnacle of design and innovation. 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. This product will not only satisfy the consumer’s banking needs but will also serve today’s evolving consumers with its classic and sophisticated designs.”

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The payment feature on these watches will be accessible on over 2 million contactless MasterCard-enabled Point-of-Sale (POS) machines in the country. This exclusive collection of elegant watches include 3 styles for men and 2 for women and are attractively priced between INR 2995 and INR 5995 to make it widely accessible to all SBI and Titan consumers.

Titan Company has always been at the center of innovation and believes in harnessing technology for convenience and ease of the users. These watches address the needs of the new normal by eliminating payment barriers and making transactions quick, contactless, secure, and easy for consumers. Through constant investment in technology and design, Titan aims to continue advancing the products and offerings for the consumers in the smart segment.