Watch2pay Fuses Wrist Watch With Prepaid MasterCard

Mobile payments industry has been focusing their attention on smart phones with near field communications technology.

An Austrian company however has developed a way for debit card users to avoid reaching for their pockets totally.

This is an innovative idea and a much safer way to handle cash related issues.

LAK’s new Watch2Pay product is a creative effort which has EMV chip inside the black wristwatch which can be used by waving on the point of sale terminal which accepts a MasterCard.

This deal also includes a full size debit card with magnetic strip so the person wearing the wristwatch can use it with the same account if EMV option is not available. It’s a security feature that ensures that the user is well protected and the users account is safe. Furthermore, cash loss it limited.

LAKS are selling their watch and registering their debit card in United Kingdom and Poland through their website watch2pay. Kalixa, a MasterCard issuer is the company’s partner for account management.

Kalixa accounts also provide free cash reloads on Barclays Banks in UK without any international transaction fee. This makes the whole process safe, fast and secure. This also ensures that the user need not fear conducting transactions with personal information, as all data used is kept safe.

This product is a good alternative to the existing plastic resources and shows a potential for growth in the market. Those consumers who have feared that their contactless readers can come in hands of criminals can now walk with this safer option which also provides a good alternative to carrying heavy wallets. With this new product, cash can easily be left out of transactions and faster deals can be gotten.

The watch2pay is not the first experiment ventured by MasterCard; they have previously ventured pre-paid contactless payment wristbands to the concert attendees of Isle of Wright Music Festival. This MasterCard’s alternative helped the concert organizers to charge attendees prepaid debit cards for shopping.

Also, Visa has also started issuing PayWave key fobs together with some banks. The device is similar to keyless entry modules which are coming with new cars but uses the same technique of wave and pay function like a full Visa card.

Visa has asked the retail stores to install PayWave capable device till 2015 or they can risk paying for the costs of frauds and unverified transactions.

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