Swatch chief executive Nick Hayek recently announced that the company's own internet-enabled and remote payment-featured smart watch is set to be launched in two countries this August.

It was noted that Swatch was hesitant at first to enter the market of smart watches as its chief executive Nick Hayek was unconvinced about the impact of the said device on the watch industry. Just last year, he questioned the interest of the consumers towards these products which most of the time requires frequent charging.

But then, it still looks like the company has definitely changed its opinion on smart devices as it is set to debut its smart watch this August.

As per Wall Street Journal's report, Swatch's own smart watch is set to be launched in Switzerland and one other "big country".  Although the company has kept the detail of the second location under wraps, speculations have surfaced that the unnamed country will be either United States or China as it is two of the Switzerland-based company's largest markets.

Prior to this announcement, Hayek already mentioned that the watch will work on Windows and Android and will sport near field communication (NFC) chip in order to make mobile payments possible.  Aside from this, it was also reported that the upcoming device will also not require charging. Though the details of this part remain to be fuzzy, it might still be possible as Swatch is noted for manufacturing products with long-lasting and bendable batteries.

Meanwhile, the rest of the information such as the watch's operating system, price, and the rest of its specifications has not been disclosed by the company.

Swatch's forthcoming smart watch will be competing with the Apple Watch which was first rolled out in the market last April. It might sound risky for the Switzerland-based company to come face-to-face with such a brand but with its remote payment and viable battery feature, there is still great chance for its smart watch to become a hit.