SBI customers will be able to pay through wristwatch, no debit card is required
New Delhi: The Reserve Bank of India as well as central government has emphasized on digital transactions. Everyone including commercials banks and state machinery are finding innovative ways dor for digitalization. Among them State Bank of India( SBI) has taken a unique initiative.
SBI has entered into an agreement with watch company Titan. Under the joint venture of SBI-Titan, it will be offering watches, which are capable of providing payment facility without contact. This means a user will be able to do payments through watch without the using the card.
According to SBI, these watches have been equipped with its mobile banking app SBI YONO. With the help of these watches, consumers will now be able to pay from Point of Sale (POS) machines without using debit cards.
There is no need to swipe or insert SBI card. Up to Rs 2000 can be paid without inserting the PIN. Actually, the watch strap has a secure certified Near-Field Communication (NFC) chip that enables all functions of a standard contactless SBI debit card.
SBI Chairman Rajneesh Kumar claimed, to avail this facility, the customer will have to be registered users of YONO. Currently there are 260 million users of Yono.
This payment feature in Titan watches can be used in more than 2 million contactless MasterCard enabled point of sale (POS) machines across the country.
The price of the watch will be between Rs 2995 and Rs 5995. The exclusive collections of these watch range include three styles for men and two styles for women.