So, what is Watch2Pay
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 MasterCard PayPass is accepted, for example taxis, shops, and restaurants.
How does it work?
Wherever MasterCard prepaid cards are accepted you can pay - either with the watch or with your standard card. This product works everywhere in the world.
Simply hold the watch at 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 watch a standard sized MasterCard PayPass prepaid card. vThere 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 then he’s done.
Where can I use it?
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 accepted at more than 75,000 outlets, an increase of 78% and 89% respectively compared to one year previously.