PARTNER NEWS: Watch brand Titan has partnered with State Bank of India (SBI) for the launch of a range of watches that makes use of Canada-based Tappy Tech’s wearable payments technology to let consumers make contactless transactions at POS terminals across India.
“With this launch, SBI account holders can tap their Titan Pay watch on [a] contactless payment POS machine without the need of swiping or inserting their SBI bank card,” the partners say.
“Payments of up to INR 2,000 (US$27.17) 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.
“The payment feature on these watches will be accessible on over 2m contactless Mastercard-enabled POS machines in the country.”
“These watches address the needs of the new normal by eliminating payment barriers and making transactions quick, contactless, secure and easy for consumers,” they add.
The Titan Pay powered by Yono SBI collection includes five watches that are priced at between INR 2,995 (US$40.69) and INR 5,995 (US$81.45).
“Titan has always been at the pinnacle of design and innovation,” says CK Venkataraman, Titan’s managing director. “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.”
“We are glad to be a part of the launch of this unique proposition in the contactless payments space by Titan,” adds Rajnish Kumar, SBI’s chairman.
“It gives me immense pleasure to join hands with the world’s fifth 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 and pay technology. With latest technological advancements, State Bank of India has always been striving towards providing innovative, best-in-class banking services for our customers.”