New Delhi: Amidst the ongoing Coronavirus pandemic, Reserve Bank of India (RBI) is emphasizing on digital transactions. It is being asked to take advantage of contactless payment facility at the time of shopping. For this, government and private banks have taken several important steps. Now the country's largest public-sector bank SBI has taken a unique initiative.

SBI has entered into an agreement with watch company Titan. Under this agreement, Titan is offering such watches, which are capable of providing payment facility without contact. This means that you will not need to use the card for payment at the time of shopping. SBI has said that its mobile banking app SBI YONO has been installed in these watches. With the help of these watches, consumers will now be able to pay from Point of Sale (POS) machines without using a debit card.

The watch strap will have a secure certified near-field communication (NFC) chip, which enables all functions of a standard contactless SBI debit card. SBI Chairman Rajneesh Kumar has said that the customer will have to be a registered consumer of YONO to take advantage of this facility. There are 260 million users of Yono.

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