Titan And SBI Launched India's First Contactless Payment Watches

India's top bank and top watch company came together to launch Titan Pay. The fifth-largest watch brand in the world, Titan Company Limited has partnered with country's largest lender State Bank of India (SBI) to introduce Titan Pay powered by YONO SBI.

Through this partnership, Titan and SBI are launching a range of stylish new watches with contactless payment functionality for the first time in India. With this launch, SBI account holders can tap their Titan Pay watch on contactless payment POS machine without the need of swiping or inserting their SBI bank card.

Payments of up to Rs 2000 can be made without entering a PIN. A secure certified Near-Field Communication (NFC) chip embedded in the watch strap by Tappy Technologies 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. This exclusive collection of elegant watches include 3 styles for men and 2 for women and are attractively priced between Rs 2995 and Rs 5995 to make it widely accessible to all SBI and Titan consumers.

"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," said C K Venkataraman, Managing Director, Titan Company Limited, while speaking on the occasion.

"We are glad to be a part of the launch of this unique proposition in the contactless payments space by Titan. It gives me immense pleasure to join hands with one of the world's 5th largest watch manufacturer, to provide a smart and innovative shopping solution for our YONO customers with Titan Payment Watches. We believe this innovative offering will redefine the shopping experience for our customers with Tap & Pay technology. With latest technological advancements, State Bank of India has always been striving towards providing innovative, best-in-class banking services for our customers," said Rajnish Kumar, Chairman, SBI, while sharing his thoughts on the association.

Titan Company has always been at the centre of innovation and believes in harnessing technology for convenience and ease of the users. These watches address the needs of the new normal by eliminating payment barriers and making transactions quick, contactless, secure, and easy for consumers. Through constant investment in technology and design, Titan aims to continue advancing the products and offerings for the consumers in the smart segment.

The collection is exclusively available on www.titan.co.in.

Titan Company Limited (earlier known as Titan Industries Limited) is a joint venture between the Tamil Nadu Industrial Development Corporation (TIDCO) and Tata Group, commenced operations in 1987, under the name Titan Watches Limited. In 1994, Titan diversified into Jewelry and subsequently into eyewear with Titan Eyeplus.

In 2013, Titan entered the fragrances segment with SKINN and 2019 in sarees with Taneira. Today, Titan Company Limited, India's leading manufacturer/sellers in watches, jewelry; and eyewear, is credited with changing the face of all these industries. The Company recorded a revenue of INR 21,052 Cr. for the year ended 31st March 2020.

State Bank of India (SBI) is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also the largest mortgage lender in the country. As on June 30, 2020, the bank has a deposit base of over Rs 34 lakh crore with CASA ratio of more than 45 per cent and advances of nearly Rs. 24 lakh crore. SBI commands nearly 34 per cent market share in home loans and nearly 33 per cent in the auto loans segment.

The Bank has the largest network of over 22,100 branches in India with an ATM/CDM network of over 58,500 and total BC outlets of more than 62,200. The number of customers using internet banking facilities is about 76 million and mobile banking services stand a little more than 17 million. The integrated digital and lifestyle platform by SBI - YONO has crossed the landmark of 58 million downloads.

YONO which has 26 million registered users, witnesses 5.5 million logins per day along with over 4000 daily disbursals of personal loans, 16,000 YONO Krishi Agri Gold Loans. The bank recently launched the YONO Global app in the UK and Mauritius and plans to cover 9 more countries by the end of 2020. On social media platforms, SBI has the highest number of followers on Facebook and Twitter amongst all banks worldwide.