Is the future of payment on your wrist?
The latest innovation in contactless payments may be a throwback: microchip-embedded wristwatches that enable small mobile payments. Watch2pay, which has adopted the tagline “Time is money,” uses MasterCard’s PayPass technology and comes with a reloadable, prepaid MasterCard (the watches are made by LAKS). So far it’s available in Poland and the U.K., where it launched in November for £99. A few other markets have introduced similar watches in recent years, including Turkey, where Garanti bank has been offering the “Bonus Trink Watch,” which it describes as a “watch-shaped credit card.”