New Titan Watches To Facilitate Contactless Payments
Titan has recently announced a new series with five watches that can make payments just by being brought closer to the Point of Sale (POS) machines. Though, these wearable money stocks aren't smartwatches, these can easily make payments, thanks to a Canadian technology.
"We already felt that this product was something the future was ready for and because of Covid suddenly the future was here and now,” says Suparna Mitra, the Chief Executive Officer of watches and wearables division at Titan.
Here is everything you need to know.
What is this new series about?
The new series announced by Titan is capable of making contactless payments in places where a contactless POS machine is available. The watches launched under this series include three designer ones for men and two for women. These watches come with black and brown leather straps and round dials. As the price range increases, number of additional physical buttons and dials for day and time increase as well.
How can you make payments using your Titan watch?
All you need to do is bring your strap near a contactless POS machine, select Titan Pay on the machine and payments up to Rs. 2000/- will automatically take place. For transactions above the said price, users will have to punch in their PIN code.
What is the technology behind it?
These watches come with a secure Near-Field Communication (NFC) chip embedded in the straps that enable an easy wireless communication between two electronic devices set up to 4 cm apart. For Titan, this technology has been developed by a Canada based startup namely Tappy Technology.
Are these smartwatches?
No, these aren't smartwatches. These just come with the above-mentioned technology embedded in their straps.
Can users from accounts in other banks too use these watches for payments?
No, only users who have an account with SBI and have opted for YONO feature will be able to utilise the functionality. YONO is a multi-lingual digital banking platform, which integrates users from across a variety of financial and other services including flight, train, bus and taxi bookings, online shopping, or medical bill payments. Standing for You Only Need One (YONO) this service is available in the form of a banking and lifestyle application as well as the related website.
Can existing Titan users enjoy the facility?
No, only the new watches offer the contactless payment facility.
What is the price range?
The watches for men have been priced at Rs. 2,995, Rs. 3,995, and Rs. 5,995, while those for women are slated for Rs. 3,895 and Rs. 4,395.
A multi-media journalist and writer, Vaibhavi views the world as one big piece of poetry. Time and again she tries to capture this poetry through words, as well as, the lens. She loves to explore the depth of human psyche, philosophy, cultures, and oceans! Carrying forward this quest for exploration she reports on various beats ranging from tourism, culture, art, social issues, business, market trends, science and environment to technology. For her, the life mantra can be summarised with the catchphrases, “Hakuna Matata” and “Carpe Diem”.