They might look like any other watch but in the near future they will have the power to replace your debit/credit card. We have seen a big interest in wearables these days, so much so that Apple had to make a product out of its comfort zone. The same goes for Google and Microsoft. Now traditional watchmakers are following in the foot steps of these tech companies.
Swiss-based watch major, Swatch has rolled out its Bellamy analog smartwatch that supports near-field-communication (NFC) for contactless payment. To make this work, Swatch has joined hands with Visa and the service will be offered to consumers in China starting January 2016.
Swatch has joined forces with China UnionPay and Bank of Communications to introduce contactless “by-the-wrist” payment to China. The first four watches combine exciting, colourful yet functional Swatch design with built-in NFC technology, allowing people to use their watches to pay for purchases in shops and stores around the country.Swatch
What is NFC?
NFC technology uses high-frequency radio waves to enable electronic devices to communicate over short distances.
Swatch Bellamy comes with a built-in NFC chip hidden under the dial. Like a prepaid bankcard, the watch allows customers to pay for items using merchants’ contactless point-of-sale (POS) terminals at the store. NFC is also the technology behind services like Apple Pay, Samsung Pay, and Android Pay among others.
After successfully bringing pay-by-the-wrist payment to China, Swatch will then shift its focus to markets like the US and Switzerland. New-age payment is well and truly here.
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