Swiss watchmaker Swatch has signed an agreement with Visa and Visa Europe to launch pay-by-wrist watch venture.
Swatch Bellamy can be used globally, anywhere contactless, NFC-based (near-field communications) Visa payments are accepted, the companies said in joint statement.
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The Swatch Bellamy watches have a built-in NFC chip hidden under the dial. Like a prepaid bankcard, a Swatch Bellamy watch allows customers to pay for items using merchants’ contactless POS terminals.
Swatch Bellamy, which was first presented in China in October 2015, is scheduled to be initially available in early 2016 in the US, Switzerland, and Brazil.
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