Swatch brings its contactless payments service to Europe

21 ianuarie 2019

A payment card on your wrist. Following its successful launch in China in the summer of 2017, the credit card watch is now available in Switzerland as well.

SwatchPAY! uses an NFC radio chip hidden underneath the watch dial. Customers simply place their wrist with the watch next to the contactless payment terminal at the checkout counter. The terminal reader then exchanges payment information with the chip, and that’s all there is to it!

„The payment terminal supplies the energy needed for this process, which means that unlike any smartphone, the SwatchPAY! Watch doesn’t require batteries to make payments. Like all other Swatch models, the SwatchPAY! Watch is water-resistant to a depth of 30 meters, which makes it more flexible and durable than other payment methods.”, according to the press release.

“Continuous innovation is a key strand of the Swatch DNA,” said Carlo Giordanetti, Swatch Creative Director. “This latest advance, with the introduction of the fastest and simplest tokenization, makes it easier than ever to pay “forever” – token up your Swatch, swipe it and you’re done. SwatchPAY! is simple, stylish and swatchy.”

Georg von Waldenfels, Executive Vice President Consumer Solutions at Wirecard, said, “We are proud to announce our cooperation with Swatch. This brings a whole new lifestyle aspect to the market for mobile payments, which is currently experiencing strong growth worldwide. The benefits for consumers of being able to pay with their watch and boon mean a new level of freedom in everyday life. Our customers can now use their digital boon cards with their favorite Swatch watches – without having to take their wallet or smartphone with them.”

More than 75% of all electronic point of sale systems in Switzerland currently support the payment method, and all the major domestic banks in Switzerland are participating in the SwatchPAY! system. Customers, on the other hand, all they need is to choose a watch, have an eligible payment card and set-up SwatchPAY! through the official app, in a Swatch store.

The system activation creates a link between the watch and the payment card via a Bluetooth-NFC device (SwatchPAY! Box) with the help of the app on the customer’s smartphone. As soon as this process is completed, the consumer can pay for goods and services at any contactless point-of sale terminal.

„Four different Swatch models are now set to revolutionize contactless payments in Switzerland by making the payment process easier, more convenient, and cooler than ever before.”, the company added.

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Gabriela Nistor – director general adjunct BT

Tendinţele pe care le-am remarcat înainte de începerea pandemiei s-au accelerat pe perioada stării de urgenţă. Am văzut acest lucru ca o oportunitate, un tipping point pentru bancă. Post-pandemie nu avem cum sa ne întoarcem la comportamentul financiar pe care îl aveam până în februarie a.c. Relaţia românilor cu online-ul s-a schimbat. In plus, cardul fizic se va dematerializa. Vom asista la o scădere a cererii pentru cardurile fizice, respectiv la o creştere a preferinţei pentru componenta digitală a acestora.”

Sondaj

In 23 septembrie 2019, BNR a anuntat infiintarea unui Fintech Innovation Hub pentru a sustine inovatia in domeniul serviciilor financiare si de plata. In acest sens, care credeti ca ar trebui sa fie urmatorul pas al bancii centrale in 2020?