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Thursday May 24, 2007
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 And I thought making purchases with a key fob was weird. In a partnership with Garanti Bank in Turkey, MasterCard Worldwide has launched Europe's first wrist watch with PayPass contactless technology. According to MasterCard, "Consumers can simply tap their new watches on the PayPass reader to make the equivalent of a credit card purchase at more than 600 merchant locations in Turkey, including major names such as Burger King, Starbucks, Cinebonus, TAV (İstanbul Atatürk Airport Otopark), and the İstanbul Ferry Corporation."
How safe can a watch be equipped with this kind of technology? There have already been security issues with the key fobs, and now watches? Why a watch anyway? I'm sure it's not waterproof--and just like your keys you could easily lose it. But, it seems that consumers use their PayPass-enabled cards more frequently than their regular credit cards and even spend more: "Consumers also use their payment cards more frequently once these cards are MasterCard PayPass-enabled - approximately 18% more often on average." Would you spend more if you owned a PayPass watch? [via SciFi Tech]
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May 24, 2007 12:12 PM
Personally I prefer the PayPass in the mobile---more people have and carry their mobile phone than have or wear watches I think. But then again, with your watch you dont need to pull anything -- even a mobile, key tag or wallet out of your pockets. In Hong Kong one can buy an Octopus watch -- it works the same as the prepaid transit card Octopus, but in watch form.
Again, MasterCard is at the forefront of contactless payment technology.
May 24, 2007 11:18 PM
If you are like me, the cell phone would be the worst gadget where to place the PayPass. I keep misplacing my phone all the time. It's a little more difficult to leave your wrist watch behind, unless you've were naughty the night before... :-)
Still, even if it is affixed to you, I wonder about someone with a portable reader, taking a reading from your Paypass, while just standing next to you.
May 25, 2007 10:06 AM
On a cell phone you can program a PIN access code and only after successful entry payment data is transmitted- can you do that on a watch - not as likely. Thus even if you lost your phone and had a PIN programmed no one could use it for payment. On a watch with no PIN security capability and even if you lost your watch someone in the know could use it for unauthorized payment.
July 30, 2007 12:52 AM
PayPass in the mobile is defenately better