One of the apps featured as part of Apple's Watch launch is the PEY app that lets users make Bitcoin purchases outside of the US. What had started as a project in Germany allowing local residents to make purchases easier using Bitcoin, PEY will be a featured app for Apple's Watch release.
The concept of PEY involved using iBeacon technology to make an app that launched other Bitcoin wallets apps (such as Coinbase or Blockchain.info). The PEY app supported by Apple's Watch will come with its own integrated Bitcoin wallet.
Merchants need to have a light PEY terminal to support Bitcoin payments with PEY. When you order coffee or beer, the waiter initiates the payment at the terminal and a payment request will appear on your Watch. By tapping the watch to accept, you make a secure and fast payment with Bitcoin.
PEY allows you to refill your Bitcoin wallet at a Bitcoin ATM (BTM). Simply approach one of the PEY-enabled BTMs and your watch recognises you standing in front of it. Your watch receives a notification, and you can use the BTW from there to refill your wallet. The watch app will also list nearby merchants and businesses where you can use PEY for payments.
Along with the PEY terminal, PEY for Apple Watch will be rolled out globally outside of the US.