Swatch signs pact with Visa on payment watch

Swiss watchmaker Swatch SA , Visa Inc and Visa Europe have launched a project that lets Visa cardholders in the United States, Switzerland and Brazil make payments with Swatch's new "pay-by-the-wrist" Swatch Bellamy watch.

Set to launch in early 2016, Swatch Bellamy can be used around the world wherever contactless near-field communications (NFC) Visa payments are accepted, the partners said in a joint statement

Swatch Group Chief Executive Nick Hayek last week announced that a contract had been signed with Visa Inc. in connection with the Swiss firm's new watch.

Swatch has already introduced the watch in China and aims to introduce a similar device in 2016 in Switzerland and the United States, Le Temps said.

In China Swatch has partnered with China UnionPay. Hayek confirmed he has signed a contract with Visa for elsewhere. That covers Switzerland and the United States, the paper said.

Swatch is joining other Swiss watchmakers seeking a share of the so-called "smartwatch" market in competition with the Apple Watch.