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Chinatrust and MasterCard launch PayPass contactless payments watch

Chinatrust Commercial Bank has unveiled its MasterCard PayPass Contactless payment feature on a soccer-themed watch ahead of the 2006 FIFA World Cup in Germany.

The watch, which provides consumers with an alternative to cash, has been created in a collaboration between Chinatrust, MasterCard, LAKS (a well-known Austrian watchmaker) and On Track Innovations (OTI), producer of contactless microprocessor-based smartcard solutions.

The limited edition World Cup PayPass watch is being issued as a companion device to MasterCard credit cards. Consumers can use the PayPass for purchases under $25 but purchases over this amount will require a signature and a receipt.

The technology works when users tap their PayPass-enabled card or device, such as these watches, on the PayPass reader at participating merchants.

Taiwan is an early adopter of technology and is one of the leading markets in the region to implement contactless payments…it gives us great pleasure to collaborate with key industry players to launch yet another global first, said Tina Chiang, vice president and business manager for MasterCard in China.