Swatch Makes Deal with Visa for Smartwatch Payment System
November 30th, 2015 | by Michael Fox
Swatch, one of the world’s most prominent names in the world of designer watches, is hoping to get into the smartwatch industry. It has gotten one step further into the process by getting into a partnership with Visa for smartwatch payment functions.
Swatch is planning on releasing the Bellamy, its own smartwatch, in 2016. The agreement with Visa allows Swatch to link a watch up to a proper Visa-based payment system. It uses an NFC system to get data transferred in real time.
It has been estimated that traditional watch sales are going to decline in the future, thus facilitating the need for the prominent Swiss watch maker to get into the smartwatch industry. The Bellamy is expected to be a direct competitor to Apple’s most recent watch products.
The Bellamy and its Visa-powered payment system are expected to be released in the United States and Switzerland in 2016 with other countries eventually having access to the product.
Source: Market Watch