Titan Pay: SBI, Titan launch India's first contactless payment watch-Here is how to use it

Titan Pay: SBI, Titan launch India’s first contactless payment watch-Here is how to use it

  • SBI : fast, hassle-free, contactless payments
  • SBI account holders can tap their Titan Pay watch for payment on POS machines without entering PIN
  • A registered SBI YONO customer can avail this facility

Titan Pay : Why?

Amidst the Covid-19 pandemic, people are relying on mobile wallets to avoid paying in cash. They are avoiding payments via Debit/Credit cards etc. Keeping customer’s need in mind, the country’s top lender, State Bank of India (SBI), has partnered with Titan Company to launch ‘Titan Pay’.

Titan Pay is a new product offering from Titan company powered by SBI YONO to use it as contactless debit card. It has Titan Pay pre-installed for contactless payments.

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Titan Pay – a secure certified payment method

SBI account holders can tap their Titan Pay watch for instant payment on Point of Sales (PoS) machine without the need of swiping or inserting their bank card. Users will be able to make payments just by bringing the phone closer to the POS machines available in shops, restaurants, petrol pumps etc.

In order to achieve this instant payment service, Titan uses a secure Near-Field Communication (NFC) chip. Canada-based start-up company Tappy Technologies has developed the NFC chip. The NFC chip is embedded in the watch strap.

The payment feature on these watches will be accessible on over 2 million contactless MasterCard enabled PoS machines in the country, the company said in a statement.

SBI account holders who are registered with SBI YONO will be able to use Titan Pay. Users can make an instant Payment up to 2,000 Indian Rupees (INR) just by taking the watch near to the PoS machines. For transactions more than this amount, users will be required to enter their Personal Identification Number(PIN).

The collection of Titan watches include three styles for men and two for women. They have black and brown straps along with round dials. They are available for purchase on Titan India’s website.

The series for men and women and come with black and brown leather straps and round dials.
The men collection ranges from 2,995 INR to 5,995 INR whereas the women collection ranges from 3,895 INR to 4,395 INR.

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Titan Pay-Here is how it will work:-

(01). To avail this facility, SBI account holders will have to link their Titan Pay watches to SBI’s YONO App for enabling the payment.

(02). According to the bank officials, SBI account holders can tap their Titan Pay watch on POS machines for an instant payment. They need not to swipe or insert any bank cards.

(03). Payments of up to 2,000 INR can be made without entering a PIN whereas above this amount will require PIN.

(04). A secure NFC chip will be embedded in the watch strap that will enable all the functionalities of a standard contactless debit card.

Titan Pay : Tap and Pay

SBI chairman Rajnish Kumar said that SBI believes in innovative product offerings to their customers. Titan Pay will redefine the shopping experience for customers.

In a statement, Managing Director of Titan, C K Venkataraman told that Titan has always been at the pinnacle of design and innovation. He further added that, Titan team have always launched innovative 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, the MD of Titan adds.

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