From  ContactlessNews.com: Austrian watchmaker LAKS, in conjunction with On Track Innovations, Chinatrust Commercial Bank and MasterCard PayPass, has introduced what is probably the first contactless payment watch. The launch, part of a promotion tied to the upcoming 2006 FIFA World Cup in Germany, enables wearers to simply tap their watch on a contactless reader to pay for their purchases.

Vienna--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 MasterCardr 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 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 USD $25 (over USD $25, a 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.