In the Corona crisis, the Central Reserve Bank is emphasizing on digital transactions. At the same time, it is being asked to take advantage of a contactless payment facility while shopping. For this, public and private banks have taken several important steps. Now the country’s public bank SBI has taken a unique initiative.
Actually, SBI has entered into an agreement with the watch company Titan. Under this agreement, Titan is offering such watches, which are capable of providing a payment facility without contact. This means that you will not need to use the card for payment while shopping.
SBI said that these watches have been prepared with its mobile banking app SBI YONO. So, 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 the SBI card. you can be paid up to Rs 2000 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 said that to avail of this facility, the customer will have to be registered users of YONO. Let me tell you that 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. Exclusive collections include three styles for men and two styles for women.