CaixaBank, in collaboration with its payment method subsidiary CaixaBank Payments & Consumer and Visa, and the Swiss watch brand Swatch launch the Swatch Pay! service in Spain. In this way, the clients of the financial institution will be the first in the Spanish market to download their Visa card issued by CaixaBank in a Swatch watch and use it to make purchases in stores.
Swatch Pay! is a new means of payment that allows you to download cards on Swatch watches and make contactless payments with it. The user experience is very similar to that of other payment systems for smart wearables , with the feature that Swatch Pay! can be used with Swatch watches, without memory or internet connection.
This is possible due to the innovation deployed by Swatch, which has incorporated into some of its new watch models the necessary technology to securely store a digitized card. Likewise, the watches have a contactless antenna for linking cards and making payments. Swatch already offers several models with these characteristics, and the brand has new releases planned. Swatch Pay! is currently active in fifteen countries around the world.
For their part, CaixaBank and Visa have worked with Swatch to make it possible for the Visa cards issued by the entity to be compatible with Swatch Pay! and are fully operational in payments with Swatch watches.
A simple and intuitive user experience
The first step to use Swatch Pay!, as in any other digital payment method, is to download the card on the device with which the payments will be made. The customer must have the Swatch Pay! application on their mobile. with version for Android and for iOS. With it, you can easily download your CaixaBank Visa card to your Swatch watch. It is only possible to have a single card downloaded to Swatch Pay!
Android and iOS terminal users will simply have to bring their mobile closer to the Swatch watch. There is also the possibility of doing it directly at the store where the watch is purchased, where the customer is provided with a QR code that they must scan with their mobile to then bring the watch closer and complete the download. Lastly, those who buy their Swatch watch at the brand's official online store, https://www.swatch.com , will have the option of indicating which card they want to download to the new device and will receive it properly configured.
Once the connection is complete, the user can now make contactless payments in stores, simply by bringing their wrist closer to the dataphone, without ever letting go of the watch. These are purchases under the same conditions as those made with any contactless card , in any format, so it will only be necessary to enter the PIN number of the downloaded card when the amount of 50 euros is exceeded or when required by the POS by security.
Through the CaixaBankNow application, customers will be able to manage all their CaixaBank cards, including the one they have downloaded to Swatch Pay!, and access services such as payment in installments, deferred payment or card activation or blocking, among others. others. Similarly, Swatch Pay! It has the security guarantees characteristic of CaixaBank payment methods.
CaixaBank, leader in mobile payment in Spain
CaixaBank is the leader in mobile payments in Spain, with 3 million users, 5.2 million cards enrolled in different mobile devices and more than 240 million operations carried out throughout 2021, the year in which CaixaBank customers increased their mobile payments 57%.
The entity's forecasts suggest that in 2022 mobile payments will continue to rise and calculate that, by the end of the year, 2 out of 10 card operations will be carried out with mobile terminals or wearable devices .
CaixaBank currently has a mobile payment option in its CaixaBankNow digital banking application, integrated with a wide range of services for managing payments. CaixaBankNow has versions for iOS and Android. CaixaBank cards can also be used through Apple Pay, Samsung Pay, Garmin Pay and FitBit Pay.
About CaixaBank Payments & Consumer
CaixaBank Payments & Consumer, a 100% subsidiary of CaixaBank, is the CaixaBank Group's specialized entity in consumer finance and means of payment.
The company manages an outstanding loan of more than 8,500 million euros and is the leading entity in card payment with a fleet of 31.2 million units sold and a billing share of purchases of 33.6% and 37.5 % through POS in stores.
CaixaBank Payments & Consumer encompasses more than 20 companies related to the world of consumption and payment, 100% subsidiaries or investees with strategic partners, with the aim of accelerating and expanding the entity's capabilities.
About Swatch Pay!
Swatch gives its name to the Swatch Group, made up of 18 watch brands, including Breguet, Omega, Swatch, Longines, among others. It is the largest watchmaking group in the world, a Swiss company that also has co-divisions of production and electrical systems, which has allowed the development of Swatch Pay!
With Swatch Pay! the purse can be carried on the wrist. With a flick of the wrist, fast, contactless and secure payments can be made in stores, restaurants, ATMs and many more places. It has the NFC (Near Faithful Communication) system that allows contactless payments. The added advantage is that the NFC chip does not consume the battery of the watch. By bringing the watch case close to the payment terminal, the terminal reader exchanges the payment information with the chip, and that's it!
Visa Inc. (NYSE: V) is one of the world's leading digital payments companies, facilitating payment transactions between consumers, merchants, financial institutions and government entities in more than 200 countries and territories. Our mission is to connect the world through the most innovative, reliable, convenient and secure payment network. Something that allows individuals, businesses and economies to prosper. At Visa, we believe that economies that include everyone, everywhere are key to improving and continuing to grow, and we see financial access and inclusion as key to defining the future of money movement. For more information, visit www.visa.es, @Visa_ES and the Visa Spain blog.