On March 05,2021, India’s largest watch maker, Titan’s youth brand Fastrack joined with Yono-State Bank of India to introduce a new smart wearable fitness band with digital payment components under its sub-brand Reflex.
Objective of the partnership:
In order to strengthen its wearables and fitness category position among the youth with the prevailing trend of digital payment which is accelerated by COVID-19.
Hence, Fastrack planned to introduce a smart wearable fitness band with a chip embedded in its band to make cashless payments under its sub- brand Reflex.
How to do the payment through the fitness band?
i.The chip in the smart band will be linked with their SBI account.
ii.By flashing the chip in front of the POS (Point of Sale) machine it will lead to cashless payments within a short span of time.
iii.The band will be launched in May.
About Titan and Fastrack:
i.Titan’s watches and wearables account for nearly 5% of the company’s overall business. Titan ranked second in the smart wearables category from 2017-2019.
ii.In Fastrack’s business Reflex’s contribution is about only 10%
iii.Fastrack also entered a new category of smart audio accessories with hearables such as bluetooth-enabled over-the-head earphones, wireless earbuds and behind-the-neck earphones.
Recent Related News:
On September 16, 2020, Titan introduced ‘Titan Pay’ a range of watches in collaboration with YONO SBI for contactless payment functionality for the first time in India. The watch allows for payments of up to ₹2,000 without entering a PIN.
Launch – 2017
YONO (You Only Need One)- It is an integrated digital banking platform offered by State Bank of India (SBI)
- It enables users to access a variety of financial and other services such as flight, train, bus and taxi bookings, online shopping, or medical bill payments.
- YONO is offered as a smartphone app for both Android and iOS.
About Titan company Limited(Titan):
Headquarters – Bengaluru, Karnataka
Chairman- Mr N Muruganandam
Managing director – CK Venkataraman