Is Apple making a smart watch?

Apple Inc is experimenting with the design of a device similar to a wristwatch that would operate on the same platform as the iPhone and would be made with curved glass, according to the New York Times.

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A Reuters report quoting NYT said, the watch-like product that could be used to make mobile payments is currently in the experimental stage and would operate on Apple's iOS platform, which is the foundation of its iPhone, iPad and iPod Touch consumer devices.

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According to Bloomberg, Apple has a team of about 100 product designers working on the wristwatch-like device.

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Apple's manufacturing partner Hon Hai Precision Industry Co, also known as Foxconn, has been working on some technologies that could be used in wearable devices.

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The Taiwan-based company has been working toward making more power-efficient displays and its technologies are aimed at multiple Foxconn customers, the Wall Street Journal reported, citing the same person, according to Reuters.