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The launch of Watch2Pay could replace consumers’ wallets for purchases under £15.
MasterCard has announced its launch of Watch2Pay, the UK’s first ever prepaid contactless wristwatch.
The prepaid Watch2Pay is enabled with MasterCard® PayPass™ contactless technology to allow consumers to simply ‘Tap & Go™’ to make fast, secure payments of up to £15 at 70,000 British retailers.
As part of a collaboration with watch maker LAKS and issuer Vincento, the Watch2Pay is expected to enable consumers to make secure payments by touching their time pieces against contactless readers, without needing to enter a PIN number.
“It’s all about speed and convenience” said Suresh Vaghjiani, Head of Product at Vincento.
Matt Lanford, Head of Prepaid at MasterCard Europe, said:
“Since we introduced contactless to the world nearly a decade ago, we’ve been driving innovation in Tap & Go payments, with nearly 100 million PayPass cards and devices now issued globally.”
“We’re maintaining that momentum by working with Vincento and LAKS to bring together prepaid and contactless payments in a wristwatch for the very first time in the UK, offering consumers a safe, simple and smart way to pay for everyday items.”
The wristwatches are already available in some countries such as Poland, Turkey and certain areas of Asia.
Consumers will be able to load funds to the watch with a MasterCard prepaid card, which is not linked to a bank account or any line of credit, therefore users should be able to budget more effectively and avoid getting into debt. The card will be valid for up to two years and accepted at over 32 million retail locations worldwide.
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