Product: Speedpass-enabled Timex Watches

Company: Timex Corp. and Speedpass Network

The concept of proximity, or contactless, payments is being tested by major players in the payments industry such as MasterCard and American Express to speed up time at the check out, but there's a take on this new method of payment that will actually let you "watch" just how much time is saved.

The Speedpass Network, a proximity payment solution, and Timex Corp. have partnered by putting Speedpass RFID technology inside a wristband watch.

A Speedpass-enabled Timex watch looks and functions just like a regular watch, but hidden inside is tiny contactless technology that operates on a radio frequency, transmitting an identification and security code. No personal or financial information is stored on the watch, and similar to other methods of contactless payment, there is no need to reach into a wallet or purse. There is also no receipt to sign, although a customer will be given a receipt if desired.

Funds are automatically and immediately deducted from a customer's account. The customer's payment preferences-such as whether they want to use a credit or check card-are determined in advance. To pay using a Speedpass-enabled watch or other Speedpass device, customers point their watch or "wand" at the area of the pump or POS terminal with a Speedpass logo or the area that says that says "Place Speedpass Here."

The Speedpass watch feature is available in more than 10 Timex styles-both men's and women's classic and sport watches.

More than 8,300 Exxon and Mobil stations in the United States, 440 McDonald's restaurants in Chicago and Northwest Indiana and 14 Stop & Shop Supermarkets in the Boston area accept Speedpass, so customers using this program can pay for gas and car washes, meals and convenience items all with the wave of their wrist.

Timex Corp.

www.timex.com/speedpass

Speedpass

1-87-SPEEDPASS

www.speedpass.com