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watch2pay is the first watch in the world which can be used for contactless MasterCard® payments.
The watch includes a 'break-out card' which is a MasterCard® PayPass™ prepaid card.
The combination of the watch and the MasterCard PayPass prepaid card enables you to pay with the watch everywhere in the world where MasterCard PayPass is accepted, for example taxis, shops, and restaurants.
HOW DOES Watch2Pay WORK?
Wherever MasterCard prepaid cards are accepted you can pay - either with the Watch2Pay or with your standard card. This product works everywhere in the world. In Europe you can use it to pay as much as you have in your account – in the UK it is limited by law to £20 per transaction. Where you see the contactless payment sign you can use it: Simply hold the watch close to the reader and it will charge your account for what you are buying with no PIN, no fumbling with your wallet. You can still have a receipt should you require one. Due to the fact that not all stores offer the PayPass technology, you also get together with your Watch2Pay a standard sized MasterCard PayPass prepaid card valid for 2 years. There are no more additional cost involved regarding the cards (no activation fee and no monthly fees). Customer simply activates the card online, loads some money onto the account, and here you are ready to be one of the very few who can pay using your WATCH!
WHERE CAN I USE MY Watch2Pay?
There has been a huge step forward for contactless card payments over the past couple of years with substantial increases in the number of cards in issue and encouraging growth in the number of outlets accepting contactless payments. As of September 2011 there were 20 million contactless cards in issue in the UK alone accepted at more than 75,000 outlets, an increase of 78% and 89% respectively compared to one year previously. There are now seven major card issuers issuing contactless cards and more big name retailers (such as Lakeland, McDonalds, WH Smith and Boots) deploying terminals. By June 2012 the limit for a single contactless card transaction without the need to enter a PIN has been increased from £15 to £20, and a further increase is expected to bring new retail sectors into the rollout.
WHY A WATCH?
Watches are worn – not carried, so they are always, literally, on hand and as a result are easily accessible and rarely lost compared with credit cards and mobile phones. It is a simple and convenient cash displacement tool. It also offers excellent budgeting options as you can top-up even by mobile phone, online and at banks.
WHO WILL USE Watch2Pay? For the customer it means a convenient alternative to cash – a personal accessory with multiple functions available in an unlimited variety of colours and face designs. Watch2pay comes with a prepaid card so ideal for people who don’t have a credit or debit card. Also very convenient for credit- and debit card holders who want to have an extra card for controlling their spending for travelling, pocket money for children, etc… or who don’t want to use their credit or debit card details for online shopping.
Currently Watch2Pay comes in a sports style in a range of 8 colours as well as a Union Jack design.