SBI, Titan launch India’s first contactless payment watch. Here is how to use it

Country's top lender State Bank of India (SBI) and Titan Company have partnered have partnered to launch contactless payment services through watches, called Titan Pay. "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," SBI tweeted.

With this launch, SBI account holders can tap their Titan Pay watch on contactless payment point-of-sale (POS) machines without the need of swiping or inserting their debit card, the bank said in a statement. "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) To avail this facility, a customer has to be a registered user for YONO.

2)According to the press release issued by the bank, SBI account holders can tap their Titan Pay watch on contactless payment POS machines without the need of swiping or inserting their SBI bank card.

3) Payments of up to ₹2,000 can be made 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 will be accessible on over 2 million contactless MasterCard-enabled POS machines in the country.