Swatch Smartwatch Launching in August, To Support Payment Functions

Swatch will be releasing a full-on smartwatch with internet connectivity and payment functions by this summer, company CEO said.

Reportedly, there will be two models hitting the shops: a watch with NFC capabilities for mobile payments on the fly, and a device for displaying alerts and news from a smartphone.

The smartwatches will be Android, Windows Phone compatible and will handle mobile payments.

Swatch Chief Executive Nick Hayek shared this information at an annual general meeting for the company. He went on to say that the timepiece will see first release in Swatch's home country of Switzerland and 'one big country' which could be China.

The Swiss watchmaker has already made payments deals with bank-card association China UnionPay.

Apparently, Swatch has changed its tune on smartwatches. Earlier, in Feb 2015, the company CEO was quoted saying: "I have always said it's an opportunity for us, but we are not a consumer electronics company. We are not going to transform and put the mobile phone on the wrist. Let the others do it. Samsung did it, Sony did it, everybody does it."

However, it's completely different story now.