On 16 September, Titan Watches on its official YouTube page virtually launched Titan Pay, a product from the strategic collaboration of Titan Company Limited and State Bank of India.
Calling it India's first contactless payment watch brand, the company demonstrated that these watches will allow customers to pay using their watch by just waving it over the POS machine like any contactless card. SBI account holders will be able to tap their Titan Pay watch on contactless POS machine for transactions less than Rs 2,000, without entering a PIN.
The product was unveiled by CK Venkataraman, MD at Titan Company Ltd and Rajnish Kumar, the Chairman of SBI.
The watches have a secure certified Near-Field Communication (NFC) chip embedded in their strap by Tappy Technologies that 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, the company said in a statement.
The new collection of Titan watches with contactless pay include three styles for men and two for women and are priced between Rs 2,995 and Rs 5,995. These are exclusively available on www.titan.co.in.