swatch, the world's  largest watchmaker unveiled its riposte to apple's smartwatch it plans to put cheap  programmable chips in watches that will let wearers from china  to chicago make payments with a swipe of the wrist swatch group will start offering watches with near  field communication (nfc) chips within two months, said at a news conference on the company's  annual results which were released last month scroll down for video  we're coming for you apple! swatch chief executive nick hayek said apple's launch was a 'fantastic opportunity' for the swiss watchmaker the rewards are potentially huge for whoever comes up with a winning formula andrew sheehy, chief analyst at generator research, sees the retail value of wearable internet connected devices at $931 billion by 2018, versus $41 billion in 2014, with smartwatches accounting for about two thirds of the market's value in 2018 apple's move into watches would open up a market where  swatch was already well positioned to compete, he said the swiss company's strategy appears to revolve around  including individual tech features in different models rather  than going head to head with apple, the world's most valuable  firm, to create all in one smartwatches combining many  functions 'we are the world champions of integrating smart functions  into a watch,' hayek said 'we don't want to produce a mini  mobile phone on your wrist others can do that' at 1600 gmt, swatch shares were up 27 percent at 4321  swiss francs apple's watch will go on sale in nine countries starting in  april, priced from $349 for the smaller model and $549 for the  standard version, although a high end 'edition' watch will sell  for at least $10,000 'it's a fantastic opportunity for us it is opening the  market 'especially in the us, many people are not wearing  watches any more somebody is opening this up let apple do the  work it's fine it's good i congratulate them' the new connected watch 'swatch touch zero one'which will go on sale within months  both firms' strategies could co exist and succeed, hayek  said, before adding a dig at the bigger rival: 'upgrading  software every year, that's not our business' for its near field chips, which will cost around 2 francs  ($2) per watch, swatch has teamed up with china unionpay, the  chinese credit card association, as well as a swiss bank and a  major credit card company the credit card company, described as an olympics sponsor,  is likely to be visa, a long time backer of the event visa was not immediately available to comment swatch is also launching a range of sports themed 'swatch  touch' smartwatches which will be able to 'buddy up' with a  smartphone via a bluetooth connection the first model will retail at 135 francs, about twice the  cost of a regular swatch watch with an nfc chip
swatch nfc nick hayek apple two months
swatch will use low cost nfc chips to add payment capabilities to watch . ceo nick hayek said apple's launch was a 'fantastic opportunity'. refused to reveal details of watch   which will be on sale in two months 