As part of efforts to forge ahead in the mobile payments market, China Guangfa Bank has released a new fintech smart watch that comes embedded with financing mechanisms.
On 12 April the Credit Center of China Guangfa Bank held a launch event for its new G-Force smart watch in Beijing, several months after the product’s advance release in Guangzhou at the end of last year.
China Guangfa Bank plans to promote the G-Force smart watch throughout the country as part of efforts to bring the ease and convenience of mobile payment options to more Chinese consumers.
The lender is already giving credit card applicants the opportunity to win free G-Force smart watches via its official website.
The new product combines multiple mobile payment mechanisms into a single smart watch, including credit card and transit card functions.
China Guangfa has also adopted measures to ensure the secure usage by consumers, by enabling them to disable the credit payment function of the by simply using the G-Force App to delete the equipment card number in the case of loss or theft.
Lin Deming, the head of China Guangfa’s Credit Center, said that the smart watch was part of efforts to appeal to differentiated and high-value consumers, in the credit card market.