Jamshedpur, Oct 22: 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 in association with India�s biggest public-sector moneylender, State Bank of India introduced Titan Pay. Titan Pay is a watch that permits contactless monetary transactions. The service was launched all over India in the month of September but in Jamshedpur the service was launched on October 22 by East Singhbhum DC Suraj Kumar and SBI Regional Manager Jamshedpur Sanjay Kumar Jha at the collectorate.
With these Titan Pay watches, SBI account holders just have to tap their Titan Pay watch on contactless payment POS machine and the payment will be done without them having to swipe or insert their card. Transactions of up to Rs 2000 can be done without requiring to enter a PIN. Only enrolled SBI Yono clients will have the option to make use of this facility.
A certified Near-Field Communication (NFC) inserted a chip in the watch strap by Tappy Technologies will empower all the services of a standard contactless SBI debit card.
The payment feature on the watches will be available on more than 2 million contactless MasterCard-permitted POS machines in the nation.
On the occasion Suraj Kumar who himself is State Bank account holder expressed happiness and said that SBI has been at the forefront when it comes to bringing in latest technology in digital banking.
In times like these with the corona virus present, it is essential to come out with purchasing solutions like this where we can do contactless payments. Though there are already contactless payment option available in the market such as mobile phone payment applications like GooglePay and Paytm.
