Country’s high lender State Bank of India (SBI) and Titan Company have partnered have partnered to launch contactless payment providers via watches, referred to as Titan Pay. “Now, make your payments fast, hassle-free, contactless, and from your watch. Presenting the all-new Titan Pay, a new-age collection of stylish timepieces from Titan,” SBI tweeted.
With this launch, SBI account holders can faucet their Titan Pay watch on contactless payment point-of-sale (POS) machines with out the necessity of swiping or inserting their debit card, the financial institution mentioned in a press release. “We believe this innovative offering will redefine the shopping experience for our customers with tap and pay technology. The opportunities are endless because we have seen the explosion in digital transactions. The time is right for contactless (payments),” SBI chairman Rajnish Kumar mentioned.
Here is how it will work:
1) To avail this facility, a buyer has to be a registered consumer for YONO.
2)According to the press launch issued by the financial institution, SBI account holders can faucet their Titan Pay watch on contactless payment POS machines with out the necessity of swiping or inserting their SBI financial institution card.
3) Payments of up to ₹2,000 could be made with out getting into a PIN.
4) A safe licensed near-field communication (NFC) chip embedded within the watch strap permits all of the functionalities of an ordinary contactless debit card of the financial institution.
5) The payment characteristic on these watches shall be accessible on over 2 million contactless MasterCard-enabled POS machines within the nation.