Titan Company has partnered with the State Bank of India (SBI) to launch India’s first contactless payment watches named “Titan Pay”. Using these watches, the account holders of SBI can tap their Titan Pay watch on the contactless payment POS machines for making payments. It is powered by YONO SBI.
About “Titan Pay”
- Under this mechanism, payments of up to Rs. 2,000 can be made without entering a PIN, as per the RBI guidelines.
- A secure certified near-field communication (NFC) chip developed by Tappy Technologies has been embedded in the watch strap that will enable the tap and pay feature in the watch.
- The Titan Pay watch will act as a contactless debit card.
- The payment feature on these watches will be accessible on over 2 million contactless MasterCard enabled PoS machines in the country.
- This collection of Titan watches include three styles for men and two for women and are priced between Rs 2,995 and Rs 5,995.
Important takeaways for all competitive exams:
- Chairman of Titan Company: N Muruganandam.
- Titan Company Founded: 1984.
- Titan Company Headquarters: Bengaluru, Karnataka.
- Chairman of SBI: Rajnish Kumar.
- SBI Headquarters: Mumbai, Maharashtra.