Swatch Partners With Eleven Chinese Banks For Second-Generation Payments Watch

by swisscham in Hospitality, Retail, Tourism

Four new NFC smart watches that make use of China UnionPayÕs cloud-based payments service have been unveiled in Shanghai by Swatch Group CEO Nick Hayek. ÒFrom July 27, 2017 onward, Swatch Pay will be available at designated Swatch stores in 28 Chinese cities. Enthusiasts can use their watches to pay for purchases in shops and stores around the country using merchantsÕ contactless POS terminals with a China UnionPay QuickPass icon. Eleven Òleading Chinese banksÓ have signed up to participate in the new Swatch Pay service, the watch maker adds. ÒIt is easy to use, friendly, uncomplicated and universally appealing thanks to its design and price positioning. The product matches the brand position well and meets one of todayÕs needs for interactive product features that make our lives more enjoyable. People have really understood the added value of having a stylish and easy-going accessory, allowing them to settle all kinds of purchases with a simple gesture. Many have seen the safety aspect of having a non-precious watch on their wrist for such operations, allowing for a light-hearted, open-air experience at any timeÓ, said the creative director Carlo Giordanetti of Swatch.

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