Swatch Group AG Launches Payment Watch in China

By Laurie Burkitt in Shanghai and John Revill in Zurich

Swatch Group AG, the world's largest watchmaker by revenue, is going head-to-head with Apple Inc. to develop the next generation of watches in China.

The Swiss watchmaker launched its answer to smartwatches in China on Wednesday, with a 600 yuan ($95) analog timepiece called the Swatch Bellamy. While it doesn't connect to the Internet, it includes a built-in chip that allows consumers to pay for purchases while shopping, Swatch Chief Executive Nick Hayek said in a press briefing.

Swatch said it joined with state-run China UnionPay Co., which holds a virtual monopoly on bank-card payment processing in China, and state-controlled lender Bank of Communications Co.

China is one of the world's largest watch markets by sales.

Write to Laurie Burkitt at laurie.burkitt@wsj.com and John Revill at john.revill@wsj.com

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(END) Dow Jones Newswires

October 13, 2015 23:44 ET (03:44 GMT)

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