It seems as if the innovative new ideas within the credit card world are endless. MasterCard has actually launched a wristwatch that doubles as a credit card. This new watch/credit card, which has been released in Europe, was created in partnership with the Garanti Bank in Turkey and takes advantage of contact less technology.
Of course, there is a bit of concern about security issues with the new cards. But, it is apparently worth it to MasterCard. After all, the benefits may well outweigh the cons when considering that people using this type of technology are more likely to spend their cash and are also more likely to spend larger amounts at each transaction. In fact, MasterCard estimates that they are 18% more likely to use their credit cards when utilizing PayPass technology.
The new watch also has its limits. Currently, users can only make purchases of less than 15.00 Euros with the watch, which, at current exchange rates, is equivalent to about 22.00 US dollars. It will be interesting to see what the credit card companies come up with next.
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