WATS is an acronym for Wide Area Telecommunication Service. The WATS telecommunication service allows subscribed customers to make outgoing (OUTWATS) or incoming (INWATS) voice or data calls and be billed on a bulk rate as opposed to a fee for each incoming or outgoing long distance voice or data transmission.
INWATS is a toll-free dialing service and OUTWATS is a bulk savings on long-distance dialing costs for subscribers. These two services are provided by special access lines connected at your WATS service provider. An access line handles either INWATS or OUTWATS, but not both on a single line.
Wats (wats^) is also short for what's up in online chat and text message abbreviations.
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