Innovative collaboration between LAKS and Vincento
brings MasterCard® PayPass™ enabled wristwatch to
market
29 November 2011, London, UK - The saying that 'time is
money' has become a reality with the launch of Watch2pay,
the UK's first ever prepaid contactless wristwatch, enabled
with MasterCard® PayPass™ contactless technology
to allow consumers to simply 'Tap & Go™' to make fast,
secure payments for up to £15 within seconds.
MasterCard has worked closely with watch manufacturer LAKS
and issuer Vincento to bring this latest innovation to
British consumers, who will now be able to tap their
wristwatch against a contactless reader to make a payment
at more than 70,000 retailers in the UK, without needing to
enter a PIN.
Matt Lanford, Head of Prepaid at MasterCard Europe, said:
"Since we introduced contactless to the world nearly a
decade ago, we've been driving innovation in Tap & Go
payments, with nearly 100 million PayPass cards
and devices now issued globally. We're maintaining that
momentum by working with Vincento and LAKS to bring
together prepaid and contactless payments in a wristwatch
for the very first time in the UK, offering consumers a
safe, simple and smart way to pay for everyday items."
Contactless wristwatches are already in use in Turkey,
Poland and a number of markets in Asia. Watch2pay builds
upon the growing demand for contactless payments and
prepaid cards in the UK, which respectively offer consumers
greater security than cash and allow them to segment and
set budgets for different spending needs. This is the first
time in the UK that a wristwatch has been enabled with the
payment technology to meet both these functional needs.
Consumers can purchase a LAKS wristwatch online at . It
comes with a reloadable MasterCard prepaid card which is
not linked to a bank account or any line of credit and
therefore can help users budget more effectively and avoid
getting into debt. The card is valid up to two years
and accepted at over 32 million retail locations worldwide.
Lucas Scheybal, CEO of LAKS, said: "We are delighted to be
partnering with MasterCard and Vincento on this innovative
launch, bringing Watch2Pay to the UK market. As watches are
incredibly popular as well as personal to each individual,
they are ideal for this Tap & Go technology. We are
thoroughly excited to be bringing this unique design to the
UK market, especially with the support of MasterCard."
Suresh Vaghjiani, Head of Product at Vincento, explains:
"Watch2pay is all about speed and convenience and we're
genuinely excited to be working on this project. The new
Watch2pay PayPass watch has an online account
management facility, which can help consumers keep track of
their everyday spending. These wristwatches also offer a
number of great benefits to retailers such as fast
transaction times which equate to shorter queues, ideal for
environments where speed is essential."
Notes to Editors:
For further information, please contact:
Doyel Maitra, Head of Communications UK & Ireland
Division, MasterCard
Tel: +44 (0)207 557 5033, doyel_maitra@mastercard.com
MasterCard UK Press Office
Tel: +44 (0)844 875 1522, mastercardpressoffice@webershandwick.com
Table of product fees:
|
Usage Fees
|
Introductory card
|
Upgraded card
|
|
Registration/ Card Fee
|
Free
|
Free
|
|
Card Transaction Fee
|
Free
|
Free
|
|
eAccount Transaction Fee
|
Free
|
Free
|
|
Monthly Fee
|
Free
|
Free
|
|
Annual Fee
|
Free
|
Free
|
|
Foreign Exchange Fee
|
Free
|
Free
|
|
Domestic ATM Fee
|
N/A
|
£1.75
|
|
International ATM Fee
|
N/A
|
£2.25
|
|
Card Renewal Fee
|
£10
|
£10
|
|
SMS Alerts
|
Free (coming soon)
|
Free (coming soon)
|
|
Email Alerts
|
Free (coming soon)
|
Free (coming soon)
|
|
Loading Fees
|
Introductory card
|
Upgraded card
|
|
Internet Banking
|
Free
|
Free
|
|
Standing Order
|
Free
|
Free
|
|
Cash Deposit
|
Free
|
Free
|
|
Credit or Debit Card
|
N/A
|
1.75%
|
|
ClickandBuy
|
N/A
|
5%
|
|
Moneybookers
|
N/A
|
3.50% - minimum charge £1
|
|
Auto Top Up
|
Coming Soon
|
Coming soon
|
|
Ukash
|
N/A
|
6%
|
|
Limits
|
Introductory card
|
Upgraded card
|
|
Minimum card load
|
£10
|
£10
|
|
Maximum Daily Transaction
|
None
|
None
|
|
Maximum per spending transactions
|
£600
|
None
|
|
Maximum Daily Load
|
£1500
|
£3000
|
|
Maximum Weekly Load
|
£1500
|
£3000
|
|
Maximum Card Balance Limit
|
£1500
|
£9000
|
|
Maximum Limit per ATM withdrawal
|
N/A
|
£300
|
|
ATM withdrawal limit per 24 hours
|
N/A
|
£300
|
|
ATM withdrawal limit per 7 days
|
N/A
|
£1000
|
|
ATM withdrawal limit per 30 days
|
N/A
|
£3000
|
About MasterCard:
MasterCard (NYSE: MA) is a global payments and technology
company. It operates the world's fastest payments
processing network, connecting consumers, financial
institutions, merchants, governments and businesses in more
than 210 countries and territories. MasterCard's products
and solutions make everyday commerce activities - such as
shopping, traveling, running a business and managing
finances - easier, more secure and more efficient for
everyone. Learn more at www.mastercard.com, follow us on
Twitter @mastercardnews or join the conversation on The
Heart of Commerce Blog
About LAKS:
As a leader in the watch sector for over 25 years, LAKS
combines creativity with modern trends, quality and
innovative technology. Today more than ever, LAKS has its
finger on the pulse of time. LAKS produces watches with
exclusive designs, ultimate precision and high quality of
materials. LAKS was founded in 1986 by Lucas Alexander Karl
Scheybal. For further information about LAKS, imagery or
trial samples of Watch2Pay please email press@watch2pay.co.uk,
or telephone 020 7388 9988.
About Vincento:
Vincento is a key player in the emerging e-money sector and
is one of the only pan-European prepaid MasterCard card
issuers. As required by the FSA, Vincento guarantees its
financial liabilities relating to outstanding e-money. For
further information about Vincento Payment Solutions Ltd
please visit .
