Swatch has unveiled a pay-by-wrist watch, which will allow consumers to purchase goods in stores using wearable technology.

Having joined forces with China UnionPay and Bank of Communications, the watch maker announced the launch of the contactless payment device at an event in Shanghai earlier this week. Like Android and iOS smartphones, the watches have in-built NFC technology that, once rolled out from the start of next year, will be able to complete transactions at any NFC terminal situated in a shop in China.

The name "Bellamy" is derived from American writer Edward Bellamy, whose late 19th-century novel 'Looking Backward 2000-1887 envisioned a world where cash was replaced with credit and debit cards. A payments visionary, if you like.

Meanwhile, Swatch Bellamy will soon be launched in Switzerland with an as yet unnamed Swiss bank and secure transaction partner, as well as in the US.