On 16 September, 2020 Titan Company Limited(Titan), one of the world’s 5th largest watch manufacturers associated with TATA group, in collaboration with State Bank of India(SBI) introduced Titan Pay, powered by YONO(You Only Need One) SBI. Through this partnership, Titan and SBI are launching a range of stylish new watches with contactless payment functionality for the 1st time in India.
CK Venkataraman, MD of Titan and Rajnish Kumar, the Chairman of SBI unveiled the product.
Key Info about Titan Pay
i.To make payment, SBI account holders can tap their Titan Pay watch on contactless MasterCard-enabled Point-of-Sale (POS) machines without the need of their SBI bank card.
ii.Without entering a PIN(Personal Identification Number), payments can be made up to Rs 2000.
iii.These watches have a secure certified Near-Field Communication (NFC) chip embedded in their strap by Tappy Technologies. This enables all the functions of a standard contactless SBI debit card.
iv.This collection includes 3 different styles for men and 2 for women. The watches are priced between Rs 2,995 and Rs 5,995 and are available on the website of Titan(www.titan.co.in.).
Note– Payment feature of these watches are accessible on more than 2 million contactless MasterCard-enabled POS machines in the country.
Gist about YONO SBI
- It is a digital banking platform offered by SBI. It enables users to access a variety of financial and other services like flight & train payments among others.
- It is offered as a smartphone app for both Android and iOS.
Recent Related News:
Yes Bank launched a digital wallet solution(app)‘Yuva Pay’ in partnership with UDMA Technologies Pvt Ltd to enable contactless payments for its customers. The wallet is issued under minimum Know Your Client (KYC) regulations.
About SBI:
Headquarters– Mumbai, Maharashtra
Chairman– Rajnish Kumar
Tagline– The banker to every Indian; With you all the way; Purely banking nothing else; The nation banks on us.
About Titan Company Limited(Titan):
Managing Director– C K Venkataraman
HeadQuarters– Bengaluru, Karnataka
