Titan Company Limited, the fifth largest watch brand in the world, has collaborated with India’s largest lender State Bank of India (SBI) to launch a range of stylish new watches with contactless payment functionality for the first time in the country.
With this partnership, both companies have unveiled Titan Pay powered by YONO SBI. Through this, 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 Rs 2,000 can be made without entering a PIN.
C K 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.”
In India, the payment feature on these watches will be accessible on more than 2 million contactless mastercard-enabled point-of-sale (POS) machines.
The new range of watches with contactless payment functionality comprises of 3 styles for men and 2 for women. These watches are priced between Rs 2,995 and Rs 5,995 for making it widely accessible to all SBI and Titan consumers.
Rajnish Kumar, Chairman, SBI, stated, “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 latest technological advancements, State Bank of India has always been striving towards providing innovative, best-in-class banking services for our customers,” he added.