Emirates NBD today announced the launch of the Middle East and Levant’s first wrist watch equipped with MasterCard PayPass.

The 'Contactless' payment feature provides consumers with a fast and convenient alternative to cash for their everyday small ticket purchases, as well as, benefits merchants through lower cash handling and faster transaction time, said a statement.

Shoppers can now simply tap their new watch on PayPass-enabled terminals at checkout to make a credit card purchase at MasterCard PayPass merchants worldwide. The Emirates NBD MasterCard PayPass watch will allow consumers to make purchases under Dh100 without the need for a signature or PIN at select merchants within the UAE. Purchases exceeding Dh100 will, however require a signature, it said.

Emirates NBD and MasterCard developed this watch in collaboration with LAKS GmbH, a well-known Austrian watchmaker and Austria Card, the leading supplier of smart cards and personalisation services in Central and Eastern Europe. This limited edition Emirates NBD MasterCard PayPass Watch is being issued as a supplementary device to MasterCard credit cards. The watch has a classy exterior, with a black strap and showcases the Emirates NBD logo on its face.

Suvo Sarkar, general manager retail banking at Emirates NBD, said: 'Emirates NBD is an early adopter of MasterCard PayPass technology and is one of the leading banks in the region to implement contactless payments. Just over a year ago, we announced the launch of the UAE's first co-branded MasterCard PayPass Credit Card in conjunction with Dubai Internet City. Today, it gives us great pleasure to collaborate with key industry players to launch yet another UAE first.'

The LAKS Smart Transaction Watch combines a modern, ergonomic, quality watch with fast, convenient and always-on-hand payment capability. The new Emirates NBD watch gives customers the ability to pay without the need to search for cards or coins with a tap of their wrist.  “LAKS is delighted to be collaborating with Emirates NBD to deliver this outstanding, world leading, payment watch to customers in the UAE.  With this product Emirates NBD really is putting a Wow into making payments”, said Lucas Scheybal, CEO of LAKS GmbH.

“Emirates NBD was the first MasterCard customer in the UAE to launch a MasterCard PayPass card program in 2007. The launch of the Middle East & Levant’s first watch with contactless payments features is a testament to Emirates NBD’s continued leadership and commitment to offer innovative payment solutions to consumers in the UAE,” Thomas Edelmann, vice president, senior business leader, Middle East & Levant (ME&L), MasterCard Worldwide. - TradeArabia News Service