Swatch Pay launches in China
Swiss watchmaker Swatch Group has launched the second generation of its chip-embedded devices that can be used for mobile payments in China, teaming with UnionPay to offer Swatch Pay.
The new watches can be linked with credit cards issued by 11 partner banks including Bank of China, China Citic Bank, Industrial and Commercial Bank of China (ICBC) and Minsheng Bank. The devices can also handle debit cards.
Swatch unveiled its first-generation of watches with payment ability in October 2015, also in partnership with Unionpay.
Swatch CEO Nick Hayek says his company has simplified the activation process, the main barrier for the first-generation of watches gaining market traction.