The prepaid Watch2Pay is part of a collaboration with watch maker LAKS and issuer Vincento and is expected to enable consumers to make secure payments by touching their time pieces against contactless readers.
According to the payments firm, the technology, which is expected to be available at 70,000 British retailers, will allow customers to make payments of up to Â£15.
Matt Lanford, head of Prepaid at MasterCard Europe, said: âWeâre maintaining ... momentum [in the contactless payments space] by working with Vincento and LAKS to bring together prepaid and contactless payments in a wristwatch for the very first time in the UK, offering consumers a safe, simple and smart way to pay for everyday items.â
The wristwatches are already available in other countries including Poland, Turkey and certain areas of Asia.
Consumers will be able to load funds to the watch with a MasterCard prepaid card, which is not linked to an account or credit line.
The card will be valid for up to two years and will be accepted in more than 32 million locations across the globe.
By Jim Ottewill