Tuesday, July 18, 2017

Getting closer on secure element

Four new NFC smart watches that make use of China UnionPay’s cloud-based payments service have been unveiled in Shanghai by Swatch Group CEO Nick Hayek.“Only an in-store app download and scan is required to instantly activate the watch,” Swatch says. “The tokenization process takes just a few minutes, and customers can start paying with the watch.”Eleven “leading Chinese banks” have signed up to participate in the new Swatch Pay service, the watch maker adds.“From July 27, 2017 onward, Swatch Pay will be available at designated Swatch stores in 28 Chinese cities. Enthusiasts can use their watches to pay for purchases in shops and stores around the country using merchants’ contactless POS terminals with a China UnionPay QuickPass icon.
 It is from China, not likely able to hold pure cash and not  multicurrency and only supports Union Pay tokenization.  We are a version away from what we want.

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