Is Swatch about to rival Apple with a payment smartwatch?

After initially dismissing the possibility of creating wearable technology for its customers, Nick Hayek, CEO of Swatch is set to announce the release of a brand new smartwatch, possibly coming to our wrists this summer.

According to the Wall Street Journal, Swatch is going to rival Apple this summer by releasing a smartwatch that is capable of making contactless payments.

Swatch recently had its annual general meeting in Switzerland, where Hayek has reportedly given the all clear for a smartwatch to be released in Switzerland and ‘‘one big country.’’ What country that will be is anyone’s guess for the moment, but the likelihood is that the product will be released in the United States or China.

Other details regarding the watch are a little sketchy. In previous years, Hayek hasn’t been too keen on the technology, but now the market is expected to be valued at $10bn in 2018, he has certainly changed his tune.

‘‘Entrepreneurs are practical people, and they care more about being successful than being consistent. Hayek has always said they have relevant technology for a smartwatch — sensors, display, battery — and seems to be set to make the most if it. Nobody can yet say how relevant smartwatches will be in the end,’’ commented Luca Solca, an analyst at Exane BNP Paribas.

What we do know about the impending watch is that it won’t support iOS. Instead you can find the watch working in tandem with Windows phones and Android devices.

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