Swatch has linked up with a number of Chinese banks to develop a mobile payments watch, Bloomberg reported, adding the timepiece would put the company in direct competition with Apple and Samsung smartwatches. CEO Nick Hayek made the statement at a briefing in Shanghai on 14 October.
The device will allow users to make payments at stores that have China UnionPay point-of-sale machines. Swatch will also be teaming up with Bank of Communications, one of China’s big-five banks.
The Swatch Bellamy will retail for CNY 580 (USD 91) and be sold in China at Bocom and Swatch outlets from January next year and later rolled out in Switzerland. A near-field communication chip beneath the dial lets the device function in a way similar to a bank card.
