Austrian watchmaker LAKS, which has often caused a sensation in the past with its innovative products, has introduced a breakthrough product for cashless transactions. Its latest development, the LAKS SmartTransaction Watch™, is the world´s first watch equipped with MasterCard® PayPass™, a new contactless payment feature that provides consumers with a fast and convenient alternative to cash for their everyday small purchases.

MasterCard PayPass offers consumers a convenient alternative to cash that allows for small ticket purchases to be completed quickly, securely and easily. Consumers no longer need to fumble for cash and coins, swipe a card, or sign a receipt for any PayPass purchase under US$ 25 (over US$ 25 signature and receipt are required). Users simply tap their PayPass-enabled card or device, such as these watches, on the PayPass reader at participating merchants and they are on their way.
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