Swatch And Visa Launch Pay-By-The-Wrist Watch
Swiss watchmaker Swatch has teamed up with Visa on a wristwatch capable of making contactless payments with just a flick of a wrist.
On Monday, Nov. 30, Swatch SA and Visa Inc. announced the Swatch Bellamy, which eligible Visa cardholders anywhere in the world can use anywhere contactless Visa payments are accepted. The Bellamy may look similar to any other Smart watch, but hidden inside is an NFC (near-field communications) chip that will allow customers to pay for items at merchants' contactless POS (point of sale) terminals.
Unlike similar wearable devices, the Bellamy will not be able to connect with the Internet. Instead, it will use high-frequency radio waves to communicate with contactless NFC devices. Transactions made using the Bellamy will not use up the watch's battery power as pay-by-the-wrist transactions do not require any energy from the watch itself. This means that customers can expect the Bellamy to have the same battery life as other Swatch watches. It also gives the device an edge over similar wearables, almost all of which need constant recharging.
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The Bellamy is named after Edward Bellamy, the American writer whose 1888 novel "Looking Backward 2000-1887" foretold the replacement of cash by credit/debit cards. The press release by the Swatch Group also explained that "bel ami" means "good friend" in French, and that the Swatch Bellamy "will doubtless become a good friend to its wearer."
Swatch is currently the world's largest watch manufacturer by revenue. This is the Swiss-based watchmaker's first wearable tech venture.
The Swatch Bellamy is scheduled to be released early next year in the United States, Switzerland, and Brazil. The device was first unveiled in China, where Swatch will be partnering with Bank of Communications and China UnionPay, in October 2015.
Swatch did not disclose a price for the Bellamy.
