by Sairica Rose
- Watching what you pay takes on a new meaning with Austrian watchmaker LAKS’ watch2pay credit-card timepieces (watch2pay.com, December 2011).
- Watch2pay enables wearers to make contactless MasterCard payments using their watch. Family-run firm LAKS claims that its wearable hybrid system is a world first.
- Watches come with MasterCard PayPass pre-pay cards containing chips that resemble SIM cards. These can be inserted into the watch and are valid for two years.
- By holding their watch at a reader anywhere MasterCard is accepted, users can complete a transaction within seconds. Additional ID or credit checks are not required.
- Watch2pay comes in a various colours and is made from high quality materials such as scratch-proof sapphire glass and hand-brushed steel. Watches are available from the LAKS website, priced €99 each or €699 for the complete eight-watch set.
WHAT THIS MEANS TO BUSINESS
- Watch your bag? Easily accessible, wearable payment options can help alleviate security concerns about misplacing wallets and ID.
- Convenient alternatives to cash that work at multiple international retailers can inspire consumer confidence, especially among travellers.