PayPass Watch

From Austrian watchmaker LAKS, in conjunction with On Track Innovations, Chinatrust Commercial Bank and MasterCard PayPass, has introduced what is probably the first contactless payment watch. The launch, part of a promotion tied to the upcoming 2006 FIFA World Cup in Germany, enables wearers to simply tap their watch on a contactless reader to pay for their purchases.

Vienna–Austrian watchmaker LAKS, which has often caused a sensation in the past with its innovative products, has introduced a breakthrough product for cashless transactions. Its latest development, the LAKS SmartTransaction Watch, is the world’s first watch equipped with MasterCardr PayPass, a new “contactless” payment feature that provides consumers with a fast and convenient alternative to cash for their everyday small purchases.

MasterCard PayPass offers consumers a convenient alternative to cash that allows for small purchases to be completed quickly, securely and easily. Consumers no longer need to fumble for cash and coins, swipe a card, or sign a receipt for any PayPass purchase under USD $25 (over USD $25, a signature and receipt are required). Users simply tap their PayPass-enabled card or device, such as these watches, on the PayPass reader at participating merchants and they are on their way.

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