Updated: September 17, 2020 4:42:33 pm
Amidst the Covid-19 pandemic, people are resorting to contactless payments via Debit/Credit cards (with NFC), mobile wallets to avoid paying in cash. Keeping that in mind, Titan has launched its new series of watches that will have Titan Pay for contactless payments. For this, Titan partnered with the State Bank of India (SBI). Users will be able to make payments just by bringing the phone closer to the POS machines which are available in most shops, restaurants, petrol pumps etc.
To make things clear, the Titan Pay-enabled watches are not smartwatches. Users who have an account with SBI (YONO account holders) will be able to use Titan Pay. Payments up to Rs 2,000 can be done by just taking the watch near the POS machines whereas, for transactions more than the said amount, users will be required to enter their pin.
“We already felt that this product was something the future was ready for and because of Covid suddenly the future was here and now,” said Suparna Mitra, Chief Executive Officer, watches and wearables division, at Titan.
In order to achieve this functionality, Titan uses a secure Near-Field Communication (NFC) chip which is embedded in the watch strap. The NFC chip is developed by a Canada-based start-up company Tappy Technologies. This chip can be embedded into any wearable to make smart payments.
These watches are available for men and women and come with black and brown leather straps and round dials The men collection starts at Rs 2,995 going up to Rs 5,995 whereas the women collection starts at Rs 3,895 going up to Rs 4,395. They have black and brown straps along with different watch dials depending on the price. They are available for purchase on Titan India’s website.
“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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