Swatch in Mega Deal with Visa Inc. to Bring Cashless Payment to Smartwatch
Smartwatch maker Swatch Group AG has announced a partnership with Visa Inc. to enable cashless payment using its new device, the Swatch Bellamy.
The function, which has been dubbed Pay-By-Wrist, will be launched in Switzerland, the USA and Brazil, and is expected to be the first of its kind to embrace the Smartwatch space.
According to reports from the Swiss media, the Swatch Bellamy, which uses near field communication – the technology that enables cashless payment – will be made available for 90-100 Swiss Francs starting January 2016.
The Swiss company is the world’s largest watchmaker as of January this year, but is still struggling to get its foot in the door of the highly competitive smartwatch market, currently dominated by the likes of Apple Inc., Samsung and Google.
With a projection estimating a staggering increase in smartwatch sales from 7 million in 2015 to 650 million in 2020, at the expense of ordinary watches, Swatch Group is trying to keep up with the trend by venturing more into smartwatch manufacture.
The company has already seen its stock take an 18% fall in the exchange market this year, but is hopeful to get back on its feet as quickly as possible with this new deal.