They say time is money. Soon, a quick wave of your watch may be as good as cash.

Middlebury-based Timex Corp. is developing a new wristwatch that incorporates Speedpass technology, allowing the wearer to purchase everything from gas at the pump to fries at McDonald’s simply by waving an arm.

The Speedpass Timex watch is equipped with a radio frequency transponder that can be linked to a credit or debit card of the customer’s choice.

A wave of the watch in front of an electronic sensor allows customers to pay instantly at Exxon and Mobil gas stations nationwide, as well as over 400 McDonald’s restaurants in the Chicago metropolitan area.

“Timex is committed to the philosophy of helpful innovation through watch advancements that truly make life a little easier,” said Phil Brzezinski, director of advanced products.

The watch is currently being test-marketed in Illinois.

Timex officials say the new watches being developed to include the Speedpass technology will cost $30 to $50 without the technology and only a few dollars more with the Speedpass capability.

–Associated Press