Austrian watchmaker, LAKS, has introduced the LAKS SmartTransaction Watch, which is equipped with MasterCard's PayPass, a contactless payment feature that provides consumers with a quick alternative to cash for their everyday small purchases, according to Using RFID.

Users simply tap their watch on the PayPass reader at participating merchants and payment is made. Launched in line with the upcoming 2006 FIFA World Cup in Germany, the watch has been created in collaboration with Taiwan-based Chinatrust Commercial Bank and On Track Innovations. The limited edition Chinatrust 2006 FIFA World Cup MasterCard PayPass watch is being issued as a companion device to MasterCard credit cards. It has a sporty exterior with soccer ball images on its face and comes in three colours - green, blue and orange.