December 2011: Ukash, the internationally recognised e-commerce cash payment method, has been listed as a method for reloading cash onto the UK's first ever prepaid contactless wristwatch. Watch2Pay launched on Monday 29th November 2011 as a result of a collaboration between watch manufacturer LAKS and issuer Vincento. It delivers MasterCard®PayPass™ contactless technology through a wristwatch for the first time in this market, allowing consumers to simply 'Tap & Go™' to make fast, secure payments for up to £15 within seconds.
The new wristwatch will enable consumers to 'Tap & Go' against a contactless reader at over 70,000 retailers throughout the UK, removing the need to enter a PIN. Using the reloadable MasterCard® card provided, consumers will have the option to load cash onto their wristwatch using Ukash.
David Hunter from Ukash explained, "Time will tell whether your wristwatch replaces your wallet but the digitalization of cash is well under way. Watch2Pay will increase Ukash's offline presence and offer our customers the opportunity to exploit the convenience and security of contactless payments for small value items."
Watch2Pay has already launched in Turkey, Poland and several Asian markets.
Lucas Scheybal, CEO of LAKS, said, "Enabling consumers to reload our contactless wristwatches with Ukash has allowed us to offer the trusted and secure cash payment method to all our customers. It was important to us to work with established UK brands, and Ukash comes with the additional bonus of being recognised internationally with its large global footprint."
Ukash empowers people worldwide to use cash electronically, irrespective of status, device or boundary, and is available at 420,000 retail locations. Globally, Ukash is active in more than 50 countries.
Consumers can purchase a LAKS wristwatch for £99 (plus postage & packaging) online at www.watch2pay.co.uk.