Contactless payments spread: just watch!

The old adage that time is money is finally coming true.

A contactless payment method in a wristwatch is coming to the UK. The Watch2Pay, which has been operating in Turkey and some Asian markets, allows users to load a chip on their watch with money from a MasterCard. Customers can then make secure payments of up to £15 by putting the watch against a shop's reader.

The "Tap & Go" reader will be available at more than 70,000 retailers throughout the UK, removing the need to enter a PIN. Using the reloadable MasterCard provided, consumers will have the option to load cash on to their watch using the electronic payment system Ukash.

"Time will tell whether your wristwatch replaces your wallet, but the digitalisation of cash is well under way," said David Hunter, the head of Ukash.

Internationally, contactless technology is available at more than 420,000 retail outlets, with Ukash running throughout 50 countries. The watch will retail from £99, and is available from Laks at watch2pay.co.uk.