MONETA Money Bank will start supporting the Swatch PAY! service since this September. It enables contactless payment via special models of "classic" Swatch watches. The watches are equipped with an NFC chip, thanks to which it is possible to load a payment card directly into the watch and then not only pay with it, but also withdraw cash from an ATM.
Swiss Swatch watches have a built-in NFC chip, thanks to which the device can be paired with any card issued by MONETA Money Bank. However, it still has classic hands including a hand measuring seconds and a mechanical clockwork mechanism. "Both debit and credit cards can be loaded into the watch, including business ones. They can be used for contactless payments at retailers and ATM withdrawals," confirmed Zuzana Filipová, spokesperson for the MONETA Group.
It is always possible to load only one payment card on the watch. They work just like a classic plastic card, but unlike smartwatches, the built-in NFC chip will never run out. Payment is simple. Simply attach the watch to the payment terminal, and when paying over CZK 500, you also need to enter the PIN for the card with which the chip in the watch is paired. "We are pleased to be able to expand our service portfolio with another payment option. We believe that Swatch watches will find their fans in the Czech Republic, especially among people who prefer analogue watches to smart ones," added Zuzana Filipová.
Activation and uploading a payment card to the device is very simple. Just download the SwatchPAY! Here you need to create your own account, enter your credit card details and then select the Swatch watch model from the relevant list. In the last step, just attach the watch to the back of your mobile phone according to the instructions in the app and insert the authorisation code that will arrive via SMS.
In recent years, the interest of MONETA clients in paying with watches has been growing. The bank has so far supported Apple Pay, Google Pay, Garmin Pay and Fitbit Pay. For example, the volume of payments with Garmin and Fitbit Pay increased by 28% between July 2022 and July 2023.
Václav Junek, +420 602 426 625, vaclav.junek@beaufortcz.cz or Media Service media@moneta.cz and www.moneta.cz
MONETA Money Bank, a.s., which is the controlling person of MONETA holding, is a leading independent Czech bank, servicing clients through its nationwide branch network. The bank has been traded on the Prime Market of Prague Stock Exchange since 2016. The bank has focused on retail and SME oriented business model with a strong position in the consumer and agriculture segments. In addition, the bank provides customers with insurance products and investment funds. MONETA serves more than 13% of the Czech population via an omni-channel distribution strategy which includes 153 branches and 563 ATMs, a market-leading digital banking platform, a call center, auto dealers, building society and mortgage bank, brokers and leasing partners.
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Moneta Money Bank a.s. published this content on 20 December 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 December 2023 12:21:34 UTC.
Moneta Money Bank a.s. is one of the leading financial services groups in the Czech Republic. Net sales break down by activity as follows:
- retail banking (64.2%): sales of conventional banking products and services to induviduals (current account management, consumer credit, sale of savings contracts, mortgages, car loans, home loans, leasing, credit card issuance, etc.);
- commercial banking (29.6%): sales of banking products and services to small and medium enterprises, financial and public institutions (asset funding, investments and projects, leasing, management of vehicle fleets, industrial equipment funding, etc.);
- other (6.2%): primarily investment banking and bancassurance.
At the end of 2021, the group managed CZK 285.1 billion in courrent deposits and CZK 255.6 billion in current loans.
The products and services are marketed through a network of 154 branches located in the Czech Republic.
MONETA MONEY BANK, 
