A new watch model that allows users to make payments by waving their wrist over a card reader is now available in the U.K., and may soon be available in the United States. (Source: American Banker)
The watch2pay wristwatch has been developed by a company in Munich called Laks GmbH and a company in London called Vincento Payment Solutions Ltd. The watch has a SIM-sized contactless chip that will support prepaid MasterCard PayPass transactions.
As of now the watch will allow you to make purchases of up to $23.45 by running your wrist over the contactless terminal. You are able to make larger purchases by entering your PIN code.
We could see this new technology in the United States very soon through a subsidiary of Laks, Watch2Pay LLC, which is located in Florida. The only thing holding up its release in the United States at the moment is that the licenses that are currently being used in the U.K. cannot be used in the United States.
This new technology really does have a lot of potential, but I am not completely sold on the concept. It does sound better than the mobile wallet, which enables you to use your cell phone to make payments.
Will we see this new technology in the United States any time soon? Tell us what you think.
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