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This month’s featured item combines innovation and technology with practical convenience for a product that’s sure to generate some buzz in the marketplace.
Today, consumers of all age groups are infatuated with technology and gadgetry, and this revolutionary contactless payment system doesn’t disappoint.
In addition, the product allows for value-added customization, and can be used in a variety of credit/debit, prepaid, gift and transit applications.
Check out the following clues to guess what the product is:
• It is an innovative payment device that is not carried, yet is always on hand.
• It is a quicker and more convenient alternative to conventional payment cards.
• It proves that time actually is money.
Mystery Product Revealed
Headquartered in Fort Lee, N.J., American Banknote—a holding company and the parent of the ABnote Group, which operates through its subsidiary companies including Boston-based Arthur Blank & Company—is now the exclusive distributor of the LAKS Smart Transaction Watch in the United States and Canada.
The ABnote-LAKS Smart Watch is a new payment device that is worn, not carried, so it is always literally on hand, making it quick, convenient and easily accessible compared to conventional payment cards. Users simply wave the ABnote-LAKS Smart Watch by a conforming contactless payment reader to complete a transaction. The watch can be issued with a traditional companion card linked to the existing cardholder account, and provides the option of using either the watch or card for payment.
“ABnote is excited to work with LAKS to give card issuers the opportunity to provide their customers the convenience to pay with this familiar, yet unique, form factor,” said Tim Wright, ABnote’s vice president of product marketing.
The ABnote-LAKS Smart Watch is designed for contactless transactions and leverages LAKS patented technology. The watch features a slide in system for a SIM-sized smart card supplied by ABnote. This new cutting-edge system makes it possible to handle the watch and the smart card separately, allowing for a number of benefits to both issuer and user.
Multiple applications can be utilized enabling financial applications to be alongside others such as Mass Transit or Access Control. In essence, the Smart Watch puts a smart card into the watch and taps the combined market opportunity for both the watch and smart card industries.
For card issuers, the ABnote-LAKS Smart Watch will provide a “top-of-the-wallet effect,” driving users to utilize their payment account much more often than with a card alone. Contactless-enabled payment has been shown to cause cards that were less used or even dormant to become the most frequently used when contactless payment capability was added.
