Austrian watch maker LAKS and Austria Card, a card personalization center, have completed their joint development of a MasterCard-approved PayPass contactless wristwatch, dubbed the LAKS Smart Transaction Watch 2. This second generation watch includes a “Slide In System” for a SIM card-shaped payment card which enables the card issuer to use its existing card personalization system.
The Slide In System accepts an ISO ID-000 shaped payment card. Cardholders can insert their personalized card information into the watch, without tools or special skills.
The core of the Smart Transaction Watch is Austria Card’s latest generation of ACE Dual Interface chip which is implemented on an NXP Mifare semiconductor. Transaction speed is 385 milliseconds for a PayPass EMV transaction. Security is ensured through the EAL5+ level Common Criteria certification for the chip hardware.
Dubai based Emirates Bank and Turkish Vakif Bank have already ordered the product for their customers.