Titan has released five new watches with contactless payment functionality in India. To enable this functionality, the watch company has partnered with State Bank of India (SBI) to bring a new Titan Pay solution. Users can tap these Titan Pay powered watches on contactless payment POS machines to make payments. This solution will only work for SBI Bank card holders. Payments of up to Rs. 2,000 can be made without entering a PIN, whereas payments above that will require manual entering of PIN code.
Titan has introduced three new Titan Pay-powered watches for men and two watches for women. The men's watches are priced at Rs. 2,995, Rs. 3,995, and Rs. 5,995. These watches come with black and brown leather straps and round dials. The design of each watch is different with the most premium watch having gold accents, additional physical buttons, and additional dials for date and day. The two women's watches are priced at Rs. 3,895 and Rs. 4,395. They come in brown and black leather straps, respectively. All of these watches are available to buy on the Titan India website.
The new payment functionality has been introduced for SBI Bank card holders by embedding a secure certified Near-Field Communication (NFC) chip in the watch strap. The new Titan Pay functionality is powered by YONO SBI and it will only work in shops and places where a contactless POS machine is available. Furthermore, as mentioned, all transactions above Rs. 2,000 will require a user to punch in the PIN code.
“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,” C K Venkataraman, Managing Director of Titan, said in a statement.
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