TIME TO PAY: Alfa-Bank wearables payment set includes watch and MasterCard plastic card

Customers of Russia’s Alfa-Bank can now use a contactless-enabled watch designed and supplied by Austrian company Watch2Pay to make payments with a tap of their wrist wherever MasterCard PayPass is accepted.

“AlfaPay wristwatch is a stylish accessory and an up-to-date tool to make purchases,” the bank says. “The gadget is released in two colours — black and white. To obtain AlfaPay wristwatch, you have to choose one of the service packages — Optimum, Comfort, Maximum or A-Club — at one of the bank’s offices and order the AlfaPay set [which] costs 5,000 rubles (US$87).

“The set includes a wristwatch and a MasterCard plastic card issued by Alfa Bank with a wristwatch embedded smartcard. In five days, you can take the AlfaPay set from the bank office and immediately start using your wristwatch.

“There is a special chip with a payments application embedded in the body of the wristwatch. To pay for goods and services through the use of the wristwatch, just tap your wristwatch on a contactless payment reader.

“Purchases under 1,000 rubles (US$17) are paid for with no need to enter your PIN code or sign checks. The plastic card has its number and CVC for the customer to make purchases on the internet.”

Last year, Alfa-Bank introduced a new savings account linked to an activity tracker, which rewarded customers who exercise more with a higher interest rate.