Paying with your wrist

1 year ago by in Alternatives, Financial Domain, Payments

Bellamy Swatch: a new way of paying!

 

Photo: www.swatch.com

Photo: www.swatch.com

What is it?
Swatch just launched a new collection called Bellamy. With these watches it is now possible to actually pay for purchases in stores. Swatch has been cooperation with China UnionPay and the Bank of Communications, so for now the watches only work in China. However, Swatch is planning to launch the watches also in Switzerland and the US . The collection is named after Edward Bellamy, the American writer who wrote about an utopian world where cash money will be fully replaced by creditcards and debitcards.

Where spotted?
www.retailnews.nl

How does it work?

The watches work with NFC-technology that uses radio waves with a high frequency. In this way electronic devices can communicate with each other at short distance. There is a NFC-chip placed under the dial which makes it possible to pay through the POS-systems in stores. The payment goes exactly the same as with prepaid cards and doesn’t cost the watches any extra energy.

What is its core value?
To develop the next generation of watches.

See also:
Contactless payment systems
Pay with your social media account

I award this innovation as...