Swiss watch maker Mondaine has partnered with French digital security firm Oberthur Technologies (OT) for watch contactless payments in Switzerland.
Under the partnership, OT will offer the world’s first contactless payment chip the size of a SIM card for the watch market.
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OT, in a statement, said that its pay chip can be inserted into the watch band or loop and can be removed and inserted with another watch, thereby allowing users to always have their ‘OT credit card’ with them.
Mondaine CEO André Bernheim said: "The contactless payment device from OT which Mondaine can launch exclusively is a clear statement of the family owned company (since 1951) to be at the forefront of technology.
"The Mondaine pay chip inside our watch strap, provided by OT, allows the consumer not only to be independent of its wallet but also to switch the pay chip between watches. This definitively gives us advantages over our competitors in the watch and mobile industry."
OT managing director of the financial services institutions business Eric Duforest said: "This demonstrates our commitment to innovation and to offering high-end wearable products. This state-of-the-art product will enable banks to propose an enhanced value proposition to their cardholders, including the convenience of contactless payment."
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By GlobalData
