Watch2pay is right on time

A watch is replacing wallets for purchases under $23 in Britain, representing the latest development in cash-free payments.

The Watch2pay watch contains a chip similar to a mobile phone SIM card, which can be used to settle payments by simply tapping it at the till.

It can be used at 70,000 shops in the United Kingdom including chains such as Subway and McDonald’s as well as independent cafés and newsagents.

“You don’t have to rummage through your pockets to find it. You could go out for a jog and buy some water without taking your phone out,” a spokesperson says.

“Some people may feel uneasy about using their phone for everything in case it gets lost, so this offers an alternative, which looks like a normal watch.”

Some experts believe cash could become obsolete within a few years as tap-and-go technology becomes more widespread and more people use their phones to make purchases.

A survey by PayPal even suggests that children born today will be the first cashless generation, suggesting start-ups have an opportunity to develop ideas around this reality.