Mumbai: World's fifth biggest time-keeper, Titan Industries, has partnered with the Banker of the nation, State Bank of India, making watches smarter.
Their latest watch allows owners to pay without searching for that wallet or even their smartphones. All it takes is the watch to be pointed at the POS machine. Does that sound like Spiderman with his trademark pose flashing a web? In this case there's no web just a virtual transaction that gets completed in a flash.
The first of its kind payments-watch will allow SBI customers to transact although a non-SBI customer could still try wearing one of those.
A release says that the Titan Pay watch eliminates the need of swiping or inserting a bank card and transacts directly with the POS (Point of Sale) machine. Surprisingly, payments of up to Rs 2,000 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 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 Rs 2995 and Rs 5995 to make it widely accessible to all SBI and Titan consumers," said the release.
Rajnish Kumar, Chairman for 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 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."
C K Venkataraman, Managing Director at Titan Company Limited added, "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."
Titan posted a revenue of Rs 21,052 cr for the year ended 31st March 2020.