Visa and Swatch collaborate in order to launch a pay-by-wrist facility.
Visa and world known watch manufacturers, Swatch SA, have announced a partnership, to develop an innovative and convenient payment system, which is going to be named pay-by-wrist. This facility will be available in 2016 with the aid of the agreement in Brazil, Switzerland, and USA.
This collaboration between Swatch and the financial services company is being done due to the growing demand of mobile payments globally in the market. Both companies are evidently very well aware of the trending demands of customers and taking the right actions to stay at the top of the game. However, the mobile payments facility is still a growing market this is the best time for the companies to take a step forward.
Pay-by-wrist is not the only thing that will be born through the joint venture, the companies are planning on launching Near Field Communication, which is the same tech service Samsung and Apple have adapted.
The financial institution, Visa, is going benefit immensely from this partnership in terms of growth and adapting to new services in the market, while the watch manufacturers will be at an advantage as well by providing their customers with a wider range of options and accessories.
Sales are expected to grow in number through the mix of fashion and technology, and convenience too. Wearable gadgets are getting a huge amount of attention by customers and Swatch is a famous brand. Style with a combination of payment facility and ease will automatically increase sales and popularity.
The competition in wearable gadgets market is increasing rapidly due to the rising manufacturing and distribution of fitness trackers and smart watches by famous electronic companies, such as Samsung, Apply, Sony, and many others.
The pay-by-wrist watches will be sold in Switzerland named, Swatch Bellamy, and will be available worldwide eventually. The watch will consist of an NFC chip under the dial; the device is expected to have more functions later. The wearable gadget industry is expected to be worth trillions of dollars in the next five years. According to analysts, this is mainly because of banking and electronic companies.
Many other businesses, which belong to completely different markets, are taking a step in the wearable gadgets market, because there is a very high chance of growth in the market and it is attractive because it is fresh in the business.
Visa stock closed at $79.10, going red by -0.93% on November 30.
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