US mobile payments outfit Speedpass has teamed with Timex to offer consumers a wristwatch which transmits payment instructions to specially fitted terminals at ExxonMobil petrol stations and McDonalds restaurants.
The new timepiece looks and functions just like a regular watch. However, inside the timepiece is a miniature Speedpass radio frequency transponder containing customer credit card data that allows users to instantly pay for purchases at 7500 Exxon and Mobil stations nationwide and at 440 McDonalds restaurants in Chicago and Northwest Indiana.
Over six million standard-issue Speedpass keyring devices are already in use across the US. The release of a new hands-free watch option comes ahead of the planned expansion of the Speedpass system beyond the petrol pump to take in fast food outlets like McDonalds and other convenience stores.