Wirecard, the global innovation leader for digital financial technology, is the exclusive payment partner for the SwatchPAY! launch in Germany and Austria. With the help of the mobile payment solution boon, consumers can carry out easy and contactless payments with the brand new line of Swatch watches.
How it works: Via the boon app on their smartphone, watch owners receive a virtual Mastercard, which is stored in the SwatchPAY! app as a means of payment. The virtual card can be topped up by credit card or bank transfer. Contactless payment is very easy: To carry out a payment, the watch is simply held up to a compatible terminal in-store, and a signal tone confirms that the payment has been completed. Since the power required is supplied by the terminal, this process works even when the watch battery is empty, as opposed to when paying with smartphones. Like all conventional Swatch models, the new SwatchPAY! watches are waterproof to a depth of 30 meters, making them ideal companions and payment options when, for example, going for a swim. As a result, the traditional wallet can stay at home.
“We are pleased to bring ‘The coolest way to pay – SwatchPAY!’ to Germany and Austria,” said Carlo Giordanetti, Creative Director of Swatch. “It has never been more convenient to pay, anytime and anywhere, with the watch on your wrist. The new method of payment is secure, uncomplicated and stylish - typical Swatch!”
Georg von Waldenfels, Executive Vice President Group Business Development at Wirecard, added, “Mobile payment methods are becoming increasingly popular, and for a long time we have been driving this development forward. The fact that Swatch relies exclusively on Wirecard as its technology partner for the implementation of its SwatchPAY! strategy demonstrates our leading position in this area. With the new SwatchPAY! watches, users of our popular app boon now have even more opportunities to pay easily and securely.”
SwatchPAY! and boon are equipped with numerous security functions according to the strictest industry standards, ensuring that a user’s card details are never disclosed to merchants or Swatch itself.