Swiss watchmaker Swatch presented SWATCH BELLAMY, the new “pay-by-the-wrist” watch. Swatch has joined forces with China UnionPay and Bank of Communications to introduce contactless payment “by-the-wrist” . The first four watches combine exciting, colorful yet 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. This is the first initiative in order to make this technique accessible to everyone.
How does it works? 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. They started this project in China, no words on any EU projects.