Swatch to launch watch with payment feature

Berlin - Swiss watch giant Swatch plans to equip its watches with an electronic payment function, the company announced on Thursday, three days after Apple presented its Apple Watch.

Swatch, the world's largest watch making group, would co-operate with Chinese credit card organisation China UnionPay, with a Swiss bank, and with a credit card company, chief executive Nick Hayek said in the Swiss town of Corgemont.

Like Apple, Swatch wants to employ near field communication (NFC) technology, which is already being used for contactless credit card payment.

Hayek made clear, however, that his company had no plans for developing a miniature wrist phone.

The Apple Watch, which will be linked to a user's iPhone and will be able to answer phone calls, will go on sale on April 24. The watch can also track users' fitness vitals and exercise.

Swatch had announced in February that it would launch its Touch Zero One this year, a watch designed for tracking the training of beach volleyball players. Models for other sports and activities, such as surfing or cooking, are to follow.