Austrian credit card watch makes contactless payments

thumbnailby Sairica Rose

WHAT’S HAPPENING

  • 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.

RESOURCES

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