LAKS watch offers cashless and cardless transactions

Swiss watchmaker LAKS has designed the first watch equipped with MasterCard PayPass, a new "contactless" way to pay.

Rather than having to swipe your card and signing for a transaction, PayPass allows you to tap your enabled device, whether it be a card (and now a watch), on to a PayPass reader, bypassing the need to sign.

The LAKS SmartTransaction Watch lets you pay for your goods simply by tapping your watch on to the PayPass reader.

PayPass is designed for quick and easy transactions usually under $25. Most retailers require a signature for larger sums.

The system is designed for greater security than conventional cards, because your PayPass never leaves your hand.

Whether PayPass will catch on the UK, now that the Chip and Pin system is in place, remains to be seen.

According to one report, Royal Bank of Scotland plans to roll out the technology in the UK later in the year, giving the phrase "time is money" even more credance.