New Delhi: In the era of digital payments, here is exciting launch from the largest public sector bank State Bank of India (SBI) in partnership with Titan Company who have launched contactless payment services through watches, called Titan Pay. On micro-blogging site Twitter, the bank has updated users about the new payment mode using a watch. The fifth largest watch brand in the world, Titan Company Ltd has partnered with SBI to introduce Titan Pay powered by YONO SBI. ALSO READ | ALERT! Planning To Withdraw Cash From SBI ATM? Check These New Rules Coming Into Effect From Sept 18

"Now, make your payments fast, hassle-free, contactless, and from your watch. Presenting the all-new Titan Pay, a new-age collection of stylish timepieces from Titan," SBItweeted.


What are the features of the contactless payment watch?

If you are an SBI account holder, you can use the Titan Pay watch on contactless payment point-of-sale (POS) machines without the need of swiping or inserting their debit card. "We believe this innovative offering will redefine the shopping experience for our customers with tap and pay technology. The opportunities are endless because we have seen the explosion in digital transactions. The time is right for contactless (payments)," SBI chairman Rajnish Kumar said.

Here is how it will work:

1) In order to avail this facility, you have to be a registered user for You Only Need One (Yono). It is the digital banking platform of SBI.

2) As per the press release from SBI, account holders can tap their Titan Pay watch on contactless payment POS machines easily without swiping or inserting the SBI bank card.

3) You can make transactions of up to ₹2,000 without entering a PIN.

4) A secure certified near-field communication (NFC) chip embedded in the watch strap enables all the functionalities of a standard contactless debit card of the bank.

5) The payment feature on these watches can be accessed at almost 2 million contactless MasterCard-enabled POS machines across the country.

SBI had launched the Yono platform in November 2017 to help its customers' banking, investment and shopping needs. Today it 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.