Smartwatch maker Mobvoi has partnered with OT (Oberthur Technologies) and China Union Pay to launch contactless payment service on its smartwatch, Ticwatch, in China.
Mobvoi’s Ticwatch, launched in September 2015, will use PEARL by OT embedded Secure Element to secure the China Union Pay payment service.
To make a payment, users will need to wave their Ticwatch in front of a contactless China Union Pay payment terminal in the near future.
According to China’s central bank regulation, all payment terminals will have to support contactless payment by mid-2017.
OT said that PEARL by OT will allow the Ticwatch users to make easy and secure payments. Users will be able to install the Ticpay app on their phones and then scan a payment card, which will then be used for purchases.
Mobvoi founder and CEO ZhiFei Li said: "We believe that contactless payment is the revolutionary payment lifestyle enabled by wearable devices. With this in mind, we are developing the wearable technologies to provide a secure, efficient and seamless payment experience to all our users.
"In addition, whilst the service will be initially available in China, we would like to bring this service to our global audience and continue this collaboration."