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TransCard today announced an exclusive U.S. partnership with Watch2Pay, a U.S. company that offers the world’s first and only MasterCard® PayPass™ watch, which can be used for contactless (NFC) payments.
NFC and prepaid technology exhibited in Watch2Pay wrist watch. (Photo: Business Wire)
Already launched to tremendous success in several countries in Europe, Watch2Pay will be marketed in the U.S. through financial institutions offering TransCard prepaid programs.
The Watch2Pay technology is as simple as it is stylish. Hold your watch at an NFC reader and you're done in no time. If no NFC reader is available, just use your companion prepaid card, which is tied to the same account. It's that easy and that fun.
TransCard financial institution clients are very excited to be at the forefront of an idea whose time has come and will be rolling out Watch2Pay to their customers early this year.
“NFC innovations are taking a number of form factors and the innovations around NFC-enabled devices will only become more prevalent as the technology becomes more mainstream. We are excited to have the exclusive partnership with Watch2Pay in the U.S. and bring this convenient and innovative offering to our FI partners,” says Craig Fuller, TransCard CEO.
“We are truly excited to partner with TransCard and bring innovative contactless payment solutions to the U.S. prepaid market,” says Zoltan Kaman, President and CEO of Watch2Pay. “TransCard’s successful business model and payment expertise combined with our one-of-a-kind payment device and prepaid program will open new opportunities for TransCard and its customers.”
Financial institutions that participate in TransCard’s prepaid network will have the opportunity to offer the Watch2Pay NFC-enabled watch along with their existing prepaid programs.
Chattanooga-based TransCard is the leading provider of prepaid products to financial institutions of all sizes. The company’s platform enables financial institutions of all sizes to grow deposits and fee income, deepen their treasury relationships, expand product offerings to the underserved and turn unprofitable customers from cost items to contribution items. Financial Institutions interested in offering prepaid programs should visit us on our website and follow us on Twitter.
Watch2Pay is the world’s only MasterCard-certified payment wristwatch manufacturer and pre-paid program manager. It is Watch2Pay’s mission to improve today's card payments by offering contactless devices that allows clients convenient, secure, fast, and hygienic check out at millions of merchants accepting contactless cards. The company’s strategy is to offer its contactless watch and other payment form factors to financial institutions to support client acquisition and/or help to achieve the 'top of the wallet' status and to Retailers to make their store card program more attractive. Watch2Pay is also a pre-paid program manager offering gift and re-loadable cards in fashionable contactless watches to its clients.