Swatch and Mastercard Create a New Payment Method

The popular Swiss watch brand Swatch, known for its quality watches, has signed a different partnership these days when smart watches are starting to become popular. Swatch, by making an agreement with Mastercard, will enable fast payments at contracted banks with specially produced chips, although there is no connection in its watches.

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This technology, which was first introduced in China in 2017, was recently introduced in Switzerland. Swatch, the giant watch brand that is preparing to sell these special production watches, which are known to be very popular in China, has made an agreement with various banks of the country. The payment system, which is the product of a collaboration with Mastercard and called Swatchpay, works with the logic of payment methods such as Apple Pay, Google Pay, Samsung Pay.

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A kind of encryption system is created in watches and the Mastercard password of the users is safely stored in the chips inside. Thanks to these chips, payments in contracted places, any internet, bluetooth etc. It can be done easily without a connection. While Swatchpay is offered with eight different models in China, it is currently introduced with four models in Switzerland. While the company has announced that its new watches will only be available in certain regions for now, it is expected that Swatch will improve its coverage and rival watch brands will offer similar technologies very soon.

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