Swiss watchmaker Swatch has presented Swatch Bellamy, the new pay-by-the-wrist watch, at the landmark Swatch Art Peace Hotel in Shanghai.
Swatch has joined forces with China UnionPay and Bank of Communications to introduce contactless payment to China. The first four watches combine the trademark colorful Swatch look and functional Swatch design with built-in NFC (Near Field Communication) technology, allowing people to use their watches to pay for purchases in shops and stores around China.
NFC technology uses high-frequency radio waves to enable electronic devices to communicate over short distances. The new Swatch Bellamy watches have all the fun, color and great design that Swatch is famous for – along with a built-in NFC chip hidden under the dial.
Partnership Agreement Signed
Like a prepaid bankcard, a Swatch Bellamy watch allows customers to pay for items using merchants' contactless POS terminals. Pay-by-the wrist transactions require absolutely no energy at all from the watch. In China Swatch has partnered with UnionPay, China's bankcard association, to activate the innovative and easy-to-use system, and with Bank of Communications, where customers will be able to purchase the new watches.
Celebrating its worldwide premiere at a press conference held at The Swatch Art Peace Hotel on the Bund in Shanghai, Swatch Group CEO Nick Hayek, China UnionPay Vice Chairman Chen Zhi and Bank of Communications General Manager of Personal Finance Services Department presented the project and signed the partnership agreement.
Launch in Switzerland
The new payment option with Swatch Bellamy will be rolled out by the partners across China in the coming months, starting in January 2016. Swatch Bellamy will soon be launched in Switzerland with a Swiss bank and secure transaction partner, as well as in the USA.
