Payment tech behind CashCuff smart-shirt enters Swiss watch market
LONDON, April 8, 2020 /PRNewswire/ -- Payments app MuchBetter and Swiss watch smart glass provider, Winwatch, have teamed up to launch a unique analogue payments steel watch with smart payment functionality. It is the first watch to use "STISS®" payments glass, a super-strong sapphire glass infused with payment technology. It allows wearers to make secure contactless payments up to £45 – the new limit introduced to encourage contactless payments during the COVID-19 pandemic. The watch is perfect for people who want the stylish appearance and features of a timeless luxury Swiss analogue watch, but with exclusive payment functionality. It also avoids the drawbacks of modern smartwatches such as the need for regular charging, internet dependence, tech obsolescence and bulky designs.
Winwatch is the first company to seal a payment chip (EMV) and antenna within a glass watch face, the kind of technology jump you may expect from a Q-made James Bond watch, and it can be used at millions of locations worldwide where Mastercard® contactless is accepted. This technological development could make it quick and easy for any watch manufacturer to create their own payment watch, or even retrofit existing models with STISS glass (Swiss Technology Inside Smart Sapphire). Sapphire crystal is the first choice for high-end watches and is nearly as strong as diamond.
With people encouraged to pay via contactless wherever possible due to the COVID-19 pandemic, MuchBetter expects increased demand for innovative contactless payment options among the general public and watch manufacturers alike. The MuchBetter watch can be used like any contactless payment card once the user has paired it to their MuchBetter wallet/app. Payments are made via the MuchBetter wallet which can be funded by smartphone, although wearers do not need to have their phone with them to make payments.
"Swiss made watches will always be the pinnacle of watch design, often passed down from generation to generation," said MuchBetter cofounder Jens Bader. "People are loathed to give up their expertly crafted analogue watch in exchange for a smartwatch that may be obsolete in just a few years. That's why there's such a big gap in the market for people who see the benefit of some adding some smart features like payments to their beloved analogue watch – especially now while contactless payments are not just highly convenient, but fundamental for public health. After the great success of the MuchBetter powered CashCuff smart-shirt and our payment keyfobs, we're really excited to be launching this watch to the market."
"By combining our world-first STISS capabilities with MuchBetter's best-in-class e-money solutions we have created a truly unique, affordable luxury product," said Winwatch CEO Alex Kalbermatten. "With our STISS glass and its non-invasive and straightforward implementation, Winwatch is the perfect link between the watchmaking world and the new and increasing needs in the competition for the place on the wrist. As a next step we will also offer our STISS glasses to the world's leading watch brand manufacturers".
MuchBetter, operated by MIR Limited UK Ltd, an FCA-licensed and regulated e-money issuer, is a new payments application. Available on Android and iOS, MuchBetter make effortless online, offline and contactless payments throughout EMEA. Funds can be transferred and received in real-time, while its anti-fraud features and use of best in class technology reduces risk.
Winwatch Trade Ltd is the manufacturer and worldwide distributor of the STISS® watch glass. The "Swiss Technology Inside Smart Sapphire" opens up new perspectives for the watch industry in terms of contactless payment and enables this functionality to the traditional non-digital watch. This exclusive watch glass with payments technology allowing secure contactless payments without using any battery.
Watch details & specifications:
Buy here: https://www.winwatchtrade.com/screen/product/muchbetter-watch
Price: CHF 295.00 VAT incl. in Switzerland (CHF 273.90 VAT excl. in Europe, approx. £ 232.00)
Movement: ETA swiss chronograph quartz
Watch glass: STISS® sapphire crystal with payment chip, works without battery
Contactless payment chip: 5 years token validity once activated in MuchBetter app
Watch case: stainless steel (black PVD plated)
Bracelet: black rubber
Water resistance: 50M/5ATM