Swatch launches mobile payment watch in China

Swiss watchmaker Swatch has teamed up with state-run China UnionPay Co and state-controlled lender Bank of Communications to develop a mobile-payment watch.

The device, which will retail for around 580 yuan, or $91, is called Swatch Bellamy and will be sold in China at Bocom and Swatch outlets from January 2016, with a rollout in Switzerland and the US thereafter.

Speaking at a briefing in Shanghai on Wednesday, chief executive officer Nick Hayek said the new watch doesn’t connect to the internet or a mobile device, but features a built-in chip that allows consumers to pay for purchases while shopping.

The new watch will compete with Apple’s smartwatch, which has payment capabilities but isn’t linked to the Unionpay network.