Swatch has joined forces with China UnionPay and Bank of Communications to introduce contactless payment “by-the-wrist” to China. Discover the four new Swatch Bellamy by clicking on “read more” …
These are the first four watches combine exciting, colorful Swatch design with built-in NFC (Near Field Communication) technology. 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.
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, since the energy is emitted by the POS terminal.
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.
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 also launched in Switzerland with a Swiss bank and secure transaction partner, as well as in the USA.
Very, very interesting development!
Could the beginning of the end of the classical credit cards and it will be interesting to see how will be stronger in the end: The NFC technology and Swatch or Apple-Pay
Don´t forget if the technology is successful and more and more partners team up, the Swatch Group could implement an NFC chip also in e. g. an Omega or even a Breguet or Blancpain. All you need then is your watch to pay your bills …
This development is HOT!
Some information about the first partners of Swatch:
UnionPay establishes and operates an inter-bank transaction settlement system. Based on the worldwide bankcard network, UnionPay develops creative payment services and promote the development and application of bankcard, it provides quality, safe and efficient bank card service for the public. Presently, UnionPay has issued nearly 5 billion bankcards globally, UnionPay acceptance network accelerated extension to small and medium- sized cities and the broad rural regions, and has been extended to 150 countries and regions in Asia, Europe, America, Oceania and Africa. UnionPay owns around 30 million special merchants in worldwide and has over 1.8 million ATMs. UnionPay actively collaborates with various industries parties and transaction organizations. For further information, please contact: www.unionpay.com
About Bank of Communications
Founded in 1908, Bank of Communications is amongst the top 5 leading commercial banks in China. Strategically, BOCOM aims at developing itself into a first-class public bank group focused on wealth management services by means of international expansion and universal banking platform build-up. The Bank is one of the major financial services providers in China. The Bank’s business scope comprises commercial banking, securities services, trust services, financial leasing, fund management, insurance, offshore financial services and so on. The Bank has 30 provincial branches all over China, altogether 2,785 outlets in 230 cities and 165 counties nationwide. In addition, the Bank has set up 15 overseas institutions, has also established correspondent relations with over 1658 banks in 142 countries or regions. 2015, the bank made into the list of FORTUNE 500 for seven consecutive years. In terms of operating income, the Group ranked No. 190. In addition, the Group ranked No. 17 among the global top 1000 banks in terms of Tier-1 Capital by The Banker magazine.
Who will line up here soon?
In Switzerland UBS, in the USA Bank of America and/or UnionPay?