
Swatch has reportedly forged deals with several banking firms to add NFC-based payments to its upcoming smartwatch offering – a move which is deemed necessary to mitigate the threat of devices such as the Apple Watch. Of the banking firms on bard are China’s UnionPay and according to The Wall Street Journal, a Swiss bank and major credit card provider. Swatch CEO, Nick Hayek, refused to identify the latter two parties at the company’s annual media day which took place recently.
Despite not sharing the identity of the parties involved in their payments deal, Hayek did reveal more about the upcoming watch lineup. Instead of building a true smart watch the company is reportedly looking to weave “smart” functions into its products. This means that NFC will be featured in everything from low-cost plastic models all the way through to the higher-end Omega line. Furthermore, the functionality won’t just be limited to mobile payments, instead it will extend to things such as unlocking hotel rooms.
A recently announced lineup, the Swatch Touch, already incorporate functions such as a step counter as well. Hayek had the following to say regarding the matter:
We are not a consumer technology company. We don't want to produce a reduced, minimized mobile phone on your wrist.
Analysts’ speculations are all over the place with some stating that the Apple Watch could be beneficial for Swiss watchmakers and others stating that it could be the doom of the conventional watch. We’ll have to wait and see though.
Source: The Wall Street Journal