Garmin Pay announces an expansion of cooperation with 5 major banks, maximizing the one-touch payment experience for users
04/01/2024
Through the expansion of its banking ecosystem, Garmin offers a multitude of advantages, mitigating transaction risks and embracing a cutting-edge, cashless lifestyle tailored to today's sophisticated users.
Garmin Vietnam has officially announced an expansion of collaboration with 5 major banks: ACB, MB, Sacombank, Techcombank, and Vietcombank, providing users with more options for convenient, secure, and safe contactless payments through the Garmin Pay on 22 models of the brand's smartwatches.
Launched in November 2023 through an initial collaboration with VPBank, Garmin Pay has already garnered enthusiastic responses and positive feedback from over 1,000 users within the first 5 weeks. This has become the driving force propelling Garmin to further expand its banking ecosystem to help users access this new payment method.
Garmin Pay is a contactless payment platform enabling users to conduct transactions swiftly and easily. Built on an open platform independent of the iOS and Android operating systems, this payment app does not require a connection to a phone; users only need a compact Garmin smartwatch on their wrist. With a simple touch on the POS machine, they can easily utilize numerous benefits and service utilities provided by Garmin and its banking partners.
Mr. Scoppen Lin, Assistant General Manager, Garmin Asia, shared: "Garmin is very excited about this expanded collaboration, which demonstrates our commitment to promoting the widespread adoption of Garmin Pay in the Vietnamese market. Supported by the major banks in Vietnam, Garmin Pay can now be accessed by even more users, enabling them to enjoy a more convenient and modern lifestyle. As a leading brand in smart wearable devices, we will continue to contribute to the development of the smart payment market and promote an active, convenient lifestyle for users”.
Garmin Pay's highly secure system also allows banking information to be kept confidential through transaction codes for each purchase. When making a payment, the payment card number will not be stored on the device, Garmin's system, or sent to the merchant, but rather based on the specific card number of each watch”.
In case users remove the watch from their wrist or turn off the heart rate monitor device, the watch will require re-entering a password before payment. Additionally, Garmin Pay will automatically lock the wallet when users enter the wrong password three times. They will then have to reset the password in the Garmin Connect app to continue.
According to Visa's Consumer Payment Attitudes Study 20231, 88% of Vietnamese consumers are gradually transitioning to cashless shopping experiences. This shift is driven by leading demographic segments such as Gen Z and Gen Y, with at least 4 out of 5 individuals successfully making the switch. Particularly, contactless payments have become a trend in Vietnam, with significant adoption from Gen X, Gen Y, and individuals with moderate to high incomes. Two out of every five consumers prefer using this payment method, with Gen X and high-income individuals comprising the majority. Moreover, 9 out of 10 individuals are interested in experiencing various types of contactless cards.
The development of electronic payment methods has also received significant contributions from Visa, with Visa's Token platform and Token penetration rate being crucial factors in supporting digital payment transactions and introducing leading global electronic wallets to Vietnam. Leveraging a robust product ecosystem and a diverse range of smartwatch models from Garmin, along with banking partners, Visa is one of the key partners contributing to the introduction of Garmin Pay to a wide range of users.
Ms. Dung Dang, Visa Country Manager for Vietnam and Laos, said: “We are delighted to partner with Garmin in bringing this one-touch payment solution to Vietnamese users. With the growing popularity of cashless payment methods, we believe Garmin Pay will quickly be embraced by users as a more convenient spending and shopping experience in their daily lives. This solution not only expands Visa's portfolio of contactless payment methods but also emphasizes our commitment to convenience and safety for consumers during the payment process, contributing to the advancement of the digital economy in Vietnam.”
The endorsement from leading banks marks a significant advancement for Garmin Pay, poised to enhance the accessibility of one-touch payment solutions across various domains. Presently, this payment option seamlessly integrates into the routines of contemporary individuals, spanning from fitness pursuits to leisure engagements and essential transactions. It epitomizes a companion for modern living, promising numerous advantages and technological enhancements. This aligns with the shared aspiration of Garmin and Visa's strategic collaboration, aimed at fostering innovation and delivering tangible benefits.
From April 01, 2024 to May 01, 2024, users using Garmin Pay with credit cards or international debit cards from banks (Visa & Mastercard2) at Garmin Brand Stores and authorized dealers nationwide will receive incentives of up to 3,000,000 VND for the Venu 2/2S watch line. Additionally, users will enjoy a discount of 200,000 VND for other watch lines. Specifically, users will enjoy a 20% discount when purchasing Instinct 2 series watch lines, a 15% discount on fenix 7 Pro and epix 2 Pro applicable from April 12, 2024, to May 01, 2024.
From April 11 to May 11, users making direct purchases at Decathlon stores nationwide will enjoy a direct discount of 100,000 VND. This discount applies to orders with a minimum value of 800,000 VND. For further details, please visit the link provided.
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1 The Visa Consumer Payment Attitudes Study was prepared by CLEAR in Oct-Nov 2023, surveyed amongst 6,550 consumers in Singapore, Philippines, Malaysia, Indonesia, Thailand, Vietnam, and Cambodia. The survey involved online interviews with 1,000 Vietnamese consumers nationwide, encompassing a representative demographic mix of age (18 - 65 years), gender, and income levels.
2 Visa: ACB, MB, Sacombank, TCB, VCB, VPB. Mastercard: VIB, VPB
About Garmin
With perfect design from the inside out for a fulfilling life, Garmin's products have revolutionized the health industry. Committed to developing wearable devices and health measurement tools to help people of all activity levels lead healthier lives, Garmin believes that every day is an opportunity for innovation and to surpass yesterday's achievements.
For more information, please visit http://garmin.com/vi-VN/newsroom, facebook.com/VN.Garmin, instagram.com/garminvietnam, youtube.com/c/GarminVietnamAsia.
About Visa
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.