Italian jeweler Bulgari has crafted a timepiece to use for on-the-go secure payments and to activate a home alarm system

Luxury watches are a status symbol as well as a means of tracking time—and now, consumers can also use their stylish timepieces to securely store their data through a cryptographic system embedded in their watch’s dial. Italian jeweler Bulgari‘s Diagono Magnesium watch model, made in partnership with WISeKey, uses near field communication, or NFC, technology to transform the watch into a “key” of sorts that opens a secure smartphone application, called Bulgari Vault.

NFC technology works by allowing electronic devices to communicate and share information if they are held within close physical proximity of one another.

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