TransCard announced an exclusive U.S. partnership with Watch2Pay, a U.S. company that offers the world's first MasterCard PayPass watch, which can be used for contactless (NFC) payments.

Already launched in several countries in Europe, Watch2Pay will be marketed in the United States through financial institutions offering TransCard prepaid programs.

The Watch2Pay technology works like this: Hold your watch at an NFC reader and the payment is transacted immediately. If no NFC reader is available, use the companion prepaid card, which is tied to the same account.

"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 United States and bring this convenient and innovative offering to our financial institution partners," says Craig Fuller, TransCard CEO.

TransCard financial institution clients will be rolling out Watch2Pay to their customers early this year, the company says. 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.

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