The leading Swiss watch producer Swatch presented a new model SWATCH BELLAMY, a watch with contactless payment function at the famous Swatch Art Peace Hotel in Shanghai. “The smart watch is a joint project between Swatch, China UnionPay and Bank of Communications. The first four models combine Swatch’s bright, functional design with NFC near-field contactless technology, which will allow wearers to pay for purchases in stores nationwide.
Swatch Bellamy: innovative payment watch
In his gripping 1888 novel Looking Backward 2000-1887, American writer Edward Bellamy depicted a utopia where cash gave way to credit and debit cards. Bellamy was the first to describe such a payment method forty years before it actually appeared. Swatch appreciates the achievements of its fellow pioneers and dreamers. That’s why the new watch is named SWATCH BELLAMY.
NFC technology uses high-frequency communication, which enables electronic devices to connect to each other over short distances. The new SWATCH BELLAMY watch features a bright and modern Swatch design and a built-in NFC chip hidden under the watch face. Being essentially a debit card, SWATCH BELLAMY gives you the ability to pay for purchases using contactless POS terminals. High-tech accessory requires no additional charging. In China, Swatch struck a deal with China UnionPay to introduce an advanced, convenient payment system and also with Bank of Communications, where customers will be able to buy new watch models.
On October 14, 2015, SWATCH BELLAMY was unveiled for the first time at the Swatch Art Peace Hotel residence located on the Weitang waterfront in Shanghai. Nick Hayek, CEO of Swatch Group, Chen Zhi, Vice Chairman of China UnionPay, and Tao Wen, Director of Personal Financial Services at Bank of Communications, signed a collaboration agreement and presented the project to guests and press. New payment method with SWATCH BELLAMY launches in China in January 2016.
SWATCH BELLAMY watches will soon go on sale in Switzerland, supported by a Swiss bank and a secure payment system, as well as in the United States of America.
Swatch
Swatch is one of the most popular watch brands in the world today. Since the world’s first plastic-encased quartz watch in 1983, Swatch has become the epitome of Swiss quality, a veritable provocation in the watch industry thanks to its bright, creative design.
Swatch is commonly believed to be derived from the phrase “Swiss Watch”. But brand founder Nicholas George Hayek argued that the name came from the phrase “Second Watch” – a watch for every day, as an accessible accessory that can express the personality of its owner: elegance, attractiveness, emotionality, spontaneity, provocation or even seduction.
Since the beginning of its history Swatch has paid special attention to the modern art, using elements of pop-culture to create watches and giving the world-renowned artists, musicians and fashion designers an opportunity to express themselves in the process of creating new models of the brand.
In addition to continually pushing the envelope in design, Swatch continues to push the envelope in design with amazing materials from plastics, stainless steel and aluminum to synthetic fabrics, silicone and rubber. The company continues to discover more and more ways to use color and texture in an expanding line of watch models in different shapes and sizes. Inventive designers seek to take full advantage of technology.
Swatch has already proven its outstanding technical capabilities and advantages in the field of science and technology, acting as the official chronograph at several Olympic Games, as well as at the Snowboarding World Cup. In addition, Swatch has sponsored beach volleyball championships many times.
Learn more about the brand and see the watch models at: swatch
UnionPay
UnionPay is an interbank payment system. Backed by a worldwide network of bank cards, UnionPay offers a wide range of payment methods and promotes payment cards. The company provides the public with quality, secure and efficient bank card services. UnionPay has issued 5 billion cards so far. The company’s services reach small and medium-sized cities in China, as well as vast rural areas. Today, cards of this payment system are accepted in 150 countries in Asia, Europe, America, Oceania and Africa. UnionPay has about 30 million service points worldwide and 1.8 million ATMs. The system actively cooperates with enterprises from various industries and operating organizations.
For more information, please visit unionpay.com
Bank of Communications
Founded in 1908, Bank of Communications is one of China’s top five commercial banks. It plans to become a premier state bank, focusing on wealth management services. BOCOM plans to achieve this by expanding into international markets and creating a universal banking platform. Bank of Communications is one of the largest financial services providers in China. Its business scope includes commercial banking, securities transactions, trust services, financial leasing, fund management, insurance, offshore financial services and more. The bank has 30 branches in all provinces of China: a total of 2,785 branches in 230 cities and 165 counties. It has also opened 15 international branches and established links with 1,658 banks in 142 countries and regions. BOCOM made the FORTUNE 500 list for the seventh consecutive year in 2015. The Group ranks 190th in terms of revenue. According to “The Banker” magazine, Bank of Communications ranks 17th among the top 1,000 banks in the world in terms of capital base.
What are the security measures in place for the SWATCH BELLAMY watch to ensure the safety of payments made through the device?
The SWATCH BELLAMY watch utilizes several security measures to ensure the safety of payments made through the device. It incorporates Near Field Communication (NFC) technology for secure contactless payments. Additionally, it requires authentication through a PIN code to authorize any transaction. The watch also employs tokenization, which replaces the card details with a unique identifier, adding an extra layer of security. Moreover, the payment process is encrypted, safeguarding sensitive information during transmission. These combined security measures aim to protect the user’s payment data and minimize the risk of unauthorized access or fraudulent activity.
The SWATCH BELLAMY watch has multiple security measures to ensure the safety of its payment system. It uses NFC technology for secure contactless payments and requires a PIN code for authorization. The watch also employs tokenization, which adds an extra layer of security by replacing card details with a unique identifier. In addition, the payment process is encrypted to protect sensitive information during transmission. These measures work together to safeguard the user’s payment data and reduce the risk of unauthorized access or fraudulent activity.
The SWATCH BELLAMY watch incorporates various security measures to ensure the safety of its payment system. It utilizes NFC technology and requires a PIN code for authorization, in addition to tokenization which replaces card details with a unique identifier. The encrypted payment process further protects sensitive information during transmission. These layers of security work together to safeguard the user’s payment data and minimize the risk of unauthorized access or fraudulent activities.