Across the Board

Blog on e-business and online payments.

Mobile payments with a… wristwatch

Do you think that paying with a mobile phone instead of a credit card is cool? Nonsense! Despite the fact that such solutions still aren’t popular globally, they’re already becoming old fashion. New gadgets and payment methods are being created all the time and that’s great. We – the customers – have a better choice and it’s up to us which solutions will become popular and which will vanish.

One of such new solutions is watch2pay. MasterCard teamed up with Laks and announced the first wristwatch that can be used to make payments. Not only does it sound cool, but it’s also simple and uses a well known technology.

Along with the watch itself, you get two prepaid cards: a mini-card and a regular one. Both use MasterCard‘s PayPass technology and both are assigned to the same account. You just insert the mini-card to your watch and… that’s pretty much it. After you do so, it’s your choice whether you want to pay with the regular card or by holding your wristwatch at the reader for a moment.

The idea itself (meaning the mini PayPass card) is very simple and easy to use with other items. Perhaps if such solutions will turn out popular, we’ll be able to choose from a lot more gadgets.

The watches come in a variety of color versions, but unfortunately only one model. For £99 you get the watch and two cards that are valid for two years. And if you do, don’t hesitate to share your opinions in the comments below.

And for those of you, who aren’t convinced, here’s a video:

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