Alibaba Group has partnered with FiiSmart, a Chinese brand which has developed a wearable “Pay Watch.” The watch retails for US$110 and is one of the least expensive on the market. In terms of functionality, the watch is focused primarily on the payment market.
This initiative appears to be part of Alibaba’s overall strategy to be involved in all aspects of the e-commerce eco-system. It will also serve as a means of driving more users to its AliPay platform. Alibaba reports that “Pay Watch” is already supported by 20,000 restaurants, 25,000 retail stores and 50,000 hotels. Alibaba plans to make it more widely available by further integrating AliPay in China.
Source: Business Strategies Group Hong Kong – www.bsgasia.com