Swatch and KTC launch SwatchPAY
The new payment method through selected Swatch watches
For the first time in Thailand, Swatch joins hands with KTC (Krungthai Bank) to introduce SwatchPay. The new payment system allows users to make contactless payments, much like a virtual payment card with a wristwatch.
From shops to restaurants, this new feature allows SwatchPay users to pay with ease from their wrist, thanks to a hidden mechanism inside a compatible watch called NFC (Near Field Communication) chip.
It works the same way as the chip on credit cards and does not need to be powered by batteries to operate. Simply bring the watch close to the credit card swipe machine during checkout and watch SwatchPay exchange payment information immediately. If you accidentally lose the watch, payment can easily be suspended through the SwatchPay app.
Tassapong Rungkuan, chief executive officer of Credit Card Products at Krungthai, noted that “After Covid-19, spending behaviour has changed significantly with contactless payment. KTC is a leader in device pay and the collaboration with Swatch to introduce SwatchPay will be more convenient than KTC credit cards. It is another option for contactless payers and supports KTC, Visa and Mastercard cards.”
Moreover, KTC offers special privileges for members until June 30. Using KTC forever points will redeem 20% cashback, as well as a Swatch neck strap worth B500 when purchasing SwatchPay watches through KTC visa credit cards or KTC Mastercard (ktc.co.th/promotion/ktcswp). Users with SwatchPay spending via KTC visa credit cards from three or more transactions will be able to get up to 3,000 KTC points (ktc.promo/visa-swatch-pay).
Swatch offers two methods to activate the SwatchPay function. Activate on your own through the SwatchPay app or visit any Swatch store and ask the staff. The new feature is available via Swatch watches in several models such as Gent, New Gent and Big Bold at all Swatch stores or via swatch.com.