International credit card giant MasterCard has entered into a partnership with Turkey's Garanti Bank to launch Europe's first watch equipped with MasterCard PayPass contactless technology.
Under the terms of the partnership, Garanti Bank will issue limited edition watches in Turkey.
Like contactless cards, consumers will simply be able to tap their new watches on the PayPass reader to make a payment at more than 600 merchant locations in Turkey. The PayPass watch allows users to make purchases under E15 without the requirement of a signature or PIN. Larger purchases, however, will still require a signature.
This innovative offer is an extension of Europe’s first MasterCard PayPass credit program, which was launched with Garanti Bank in June 2006, when the Garanti bonus trink card with PayPass was launched.
The issuance of PayPass watches in Europe follows the launch in June 2006 of the world’s first watch equipped with MasterCard PayPass in Asia. It was issued in Taiwan as a companion device to MasterCard credit cards.
Cathleen Conforti, global PayPass product manager at MasterCard Worldwide, said: Contactless payments have a major role to play in the replacement of cash in European commerce. The launch of a highly innovative payment device like this watch in partnership with Garanti Bank is just one of the ways we are bringing fast, convenient and secure alternatives to cash to the European market.