VIENNA--5 Jun--PRNewswire-AsiaNet/InfoQuest Austrian watchmaker LAKS, which has often caused a sensation in the past with its innovative products, has introduced a breakthrough product for cashless transactions. Its latest development, the LAKS SmartTransaction Watch(TM), is the world's first watch equipped with MasterCard(R) PayPass(TM), a new "contactless" payment feature that provides consumers with a fast andconvenient alternative to cash for their everyday small purchases. MasterCard PayPass offers consumers a convenient alternative to cash that allows for small purchases to be completed quickly, securely and easily. Consumers no longer need to fumble for cash and coins, swipe a card, or sign a receipt for any PayPass purchase under USD 25, -- (over USD 25, signature and receipt are required). Users simply tap their PayPass-enabled card or device, such as these watches, on the PayPass reader at participating merchants and they are on their way. LAKS CEO Lucas Scheybal sets out to spot international trends early on and incorporate them in lifestyle accessories. In his words: "The invention of the LAKS SmartTransaction Watch(TM), equipped with MasterCard PayPass, has once again put LAKS a step ahead of the game. To obtain compliance with MasterCard PayPass specifications, we built high security specifications into an analog watch. Our watches are now set to enter one of the most exciting markets of the future." Launched in line with the upcoming 2006 FIFA World Cup(TM) in Germany, the watch has been created in collaboration with Chinatrust Commercial Bank, one of the largest credit card issuers in Taiwan, LAKS GmbH, a well-known Austrian watchmaker and On Track Innovations Ltd. (OTI) (Nasdaq: OTIV), a global leader in contactless microprocessor-based smart card solutions. LAKS has produced these "wrist-worn payment devices" on behalf of Chinatrust. The limited edition Chinatrust 2006 FIFA World Cup(TM) MasterCard PayPass watch is being issued as a companion device to MasterCard credit cards and has been designed in celebration of the FIFA World Cup. The watch has a sporty exterior that showcases soccer ball images on its face and will beoffered to consumers in three vibrant colors - green, blue and orange. LAKS founded 1986 by Lucas Scheybal, and is a true family firm. Quality is the key to success for LAKS -- only finest materials are used. The company's engineers are involved in every stage of the development process from the technologically advanced designs through to the production of flawless watches. LAKS Technological Breakthroughs: * LAKS Collection -- from Klimt to payment cards * LAKS Memory -- forget old-style USB memory sticks! * LAKS Memory Music -- your favorite songs on your wrist * LAKS Smart Transaction Watch -- payment card on your wrist Contact: +4317991585, Bettina Gottfried http://www.LAKS.com/project/paypass SOURCE: LAKS GmbH CONTACT: Bettina Gottfried for LAKS GmbH, +43-17-991-585 Web site: http://www.LAKS.com/project/paypass --Distributed by AsiaNet ( www.asianetnews.net )--