The Bulgari Diagono Magnesium, the first “intelligent mechanical luxury watch,” is now a reality just one year after making its debut appearance in a presentation at Baselworld 2015.

Following a joint effort between MasterCard and the Italy-based Bulgari (even though the watches are made by a Swiss subsidiary), the new watch uses WISeKey cyber security technology to allow the watch’s owner to make secure payments at over four million retail outlets in 74 countries that allow MasterCard’s contactless transaction.

The timepiece works sort of like the QuickPay and ApplePay options for smartphones and iPhones by just holding the device over the credit card machine, and in this case, owners only have to hover their wrist over the machine for a few seconds.

The Diagono Magnesium also works in conjunction with the Bulgari Vault app for smartphones and tablets, which helps maintain personal digital assets.

Bulgari is also planning to add even more ways to use the “intelligent” watch, including opening select automobile doors, Bulgari hotel doors, and an array of other products from participating partners.