Report: Swatch To Rival Apple's Smartwatch

(RTTNews) - Swatch Group AG (SWGAF.PK, SWGNF.PK) will launch its own smartwatch in two countries this summer, the Wall Street Journal has reported, citing the Swiss watch and jewelry maker's Chief Executive Nick Hayek.

According to the WSJ report, Hayek told shareholders at the company's annual general meeting that the Internet-enabled smartwatch will be launched in Switzerland and "one big country." The big country is likely to be either the U.S. or China - the company's two biggest markets.

Swatch's smartwatch is in response to Apple Inc.'s (AAPL) Apple Watch and similar devices produced by other companies. The company, the world's largest watchmaker, produces Tissot, Omega and Longines watches.

Hayek has said he expects the experience and technology of his company to help it roll out a better device than others. Swatch launched the Swatch Touch line of watches in 2011, deriving its name from the touchscreen technology used.

Swatch's smartwatch will be able to connect to the Internet without being charged by using near-field communication or NFC technology. The device will also allow to make mobile payments and work with Windows as well as Android software.

Swatch has reportedly signed a payments deal with China UnionPay, a bank-card association in China. It has also entered into agreements with a Swiss bank and a credit-card company.

Apple Watch has got off to a flying start after it was available for sale in April. Nearly one million customers in the U.S. reportedly placed order for an Apple Watch on the first day the smartwatch was available for sale.

Google, Inc. (GOOG, GOOGL) has recently tied up with Intel Corp. (INTC) and Swiss luxury watch brand Tag Heuer in a bid to launch an Android Wear-based smartwatch later in the year.

Google's Android Wear-watch will be based on the luxurious watches from Tag Heuer, one of the largest Swiss watchmakers. Tag Heuer will provide the design, Intel the processing components, and Google the software for the luxurious and seamlessly connected smartwatch.

The move by Google is seen as an attempt to keep up with Apple Watch and Swatch's smartwatch.