Swatch is planning to launch watch models that can make wireless payments and display data from smartphones, to counter the increasing popularity of digital smartwatches.

The world reknowned maker of best-selling timepieces announced last week that it will join the smartwatch fray. The Swatch Group, which makes devices under different brands such as Breguet, Calvin Klein, Rado, and Omega,is reported to be designing its own take on a smartwatch wearable, and will launch it some time this year. 

"Apple is not the only company which is about to toss a smartwatch on the market," Swatch CEO Nick Hayek said at a press conference. "This is not a threat but a huge opportunity for us and the Swiss watch industry." 

Reportedly, the new line of Swatch smartwatches will have near field communication and Bluetooth technology. NFC-capable watches will have a chip embedded on them that will allow contactless payments and can communicate with other NFC-enabled devices. Bluetooth watches, meanwhile, will effectively connect with the user's smartphone and the wearable will be its extension, able to show updates, text messages, and other notifications. Both watches will come out this year. 

For cashless transactions, Swatch had partnered with China UnionPay, and similar deals with Visa are considered to be already in the works. 

The move to enter the smartwatch revolution is said to be one of the plans Swatch has to diversify its market. Early this year, the watch company launched a product aimed at a specialized market — those who are players of volleyball. The Touch Zero One is a Swatch product with a movement sensor that can count steps and hits, analyzing how a hit was made and how strong it is, and also activity time. The information gathered by the watch translates into burnt calories, and it already possesses a basic NFC chip that can communicate and translate the information on a smartphone via an app.