Digital financial technology company Wirecard has revealed it is the exclusive payment partner for the SwatchPAY! launch in Germany and Austria.
As part of the agreement, via the mobile payment solution boon, consumers can carry out contactless payments with the new line of Swatch watches. Thus, watch owners receive a virtual Mastercard through the boon app on their smartphone. This is stored in the SwatchPAY! app as a means of payment. Moreover, the virtual card can be topped up by credit card or bank transfer.
In order 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. The power required is supplied by the terminal, which means that this process works even when the watch battery is empty. SwatchPAY! and boon are equipped with security functions that ensures that a user’s card details are never disclosed to merchants or Swatch itself.
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