Electronic money issuer Vincento Payment Solutions has teamed up with ID Data Cards Ltd, a member of the TALL Group of Companies, to support the launch of a new high-tech watch that can be used for contactless payments.
The two company's have combined to provide a complete payment solution that will enable the Watch2pay gadget from watchmaker LAKS to be used at 70,000 shops in the UK for transactions of up to £15.00.
ID Data will supply a matched pair of cards, one containing an embedded chip in a pop-out, which will be fitted in each watch along with a fully functional Paypass companion card to meet the necessary payment regulations. Meanwhile, Vincento will provide the back-office infrastructure via the company's Kalixa prepaid payment solution.
The design, manufacture and personalisation of the chip and card packs will be handled from ID Data's purpose-built, high security production facility in Petersfield, Hampshire. ID Data has been working with Vincento since 2008 as preferred card supplier for the Kalixa project, so the partnership was well-placed to develop a complete payment solution for Watch2pay.
Suresh Vaghjiani, Head of Product Management at Vincento Payment Solutions commented: "We have worked closely with ID Data and LAKS to create an alternative payment solution that is the first commercially available non card or Phone payment device in the UK. We have used our combined expertise to ensure that Watch2pay is a simple, safe and reliable way of handling low-cost transactions."
John Cooke, Business Development Director at ID Data Cards said: "We are committed to working with our partners to develop new payment methods that meet the changing needs of the consumer. We have a long standing relationship with Vincento that has enabled us to provide an end-to-end solution to LAKS for this highly innovative product that represents an exciting step forward for prepaid, contactless payment."