MasterCard Launches a Limited Edition Wrist Watch in Europe

Published on May 23, 2007 3:44 PM EST

It seems to be getting even easier for European consumers to spend money with their credit cards. Garanti Bank in Turkey and MasterCard just announced a limited edition watch equipped with MasterCard® PayPass™ contactless technology.

This will be the Europe's first watch equipped with MasterCard® PayPass™ contactless technology.

How does it work? Tap the watch on the PayPass reader already available at more than 600 merchant locations in Turkey, including at Burger King, Starbucks and Cinebonus. Users can make purchases under 15 euros, with no signature or PIN required. Larger purchases still require a signature.

The world's first PayPass watch was launched in June 2006 in Asia, created by Chinatrust, LAKS GmbH and On Track Innovations.

According to MasterCard, an average MasterCard PayPass transaction is approximately US$20. About 75% of all PayPass transactions are for purchases below US$25 and approximately 45% are for purchases below US$10.

As of Q1 2007, there are more than 14 million MasterCard PayPass cards and devices in the market that are accepted at more than 51,000 merchant locations globally, including McDonald's, Starbucks, 7 Eleven, CVS, Duane Reade, Sheetz and Regal Entertainment Group. For more information about MasterCard PayPass, visit www.mastercard.com/paypass.

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