Garmin Vietnam to tie up with banks to expand contactless payment in Việt Nam. — Photo Courtesy Garmin Vietnam
Garmin Vietnam has announced an expansion of its collaboration with five major banks in Việt Nam, including ACB, MB, Sacombank, Techcombank, and Vietcombank.
This move aims to provide users with more options for convenient, secure, and safe contactless payments through Gamin Pay on 22 models of Garmin smartwatches.
The contactless payment platform, Garmin Pay, was initially launched in November 2023 in partnership with VPBank. Since its launch, it has received positive feedback and enthusiasm from over 1,000 users within the first five weeks. This success has inspired Garmin to further expand its banking ecosystem to offer users more choices for adopting this innovative payment method.
Garmin Pay allows users to conduct transactions swiftly and easily without the need for a phone connection. Users only require a Garmin smartwatch on their wrist to make payments with a simple touch on a POS machine, unlocking a range of benefits and services provided by Garmin and its banking partners.
Scoppen Lin, assistant general manager of Garmin Asia, expressed excitement about the expanded collaboration, emphasising Garmin's dedication to promoting widespread adoption of Garmin Pay in the Vietnamese market.
“Supported by the major banks in Việt Nam, 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,” Lin.
Garmin Pay's secure system prioritises user privacy by generating transaction codes for each purchase, ensuring banking information remains confidential. To enhance security, the payment card number is not stored on the device or sent to the merchant but is based on the unique card number of each watch.
Additional security measures include requiring a password re-entry when the watch is removed from the wrist or the heart rate monitor is turned off. Garmin Pay also automatically locks the wallet after three incorrect password entries, prompting users to reset the password in the Garmin Connect app.
With a growing shift towards cashless transactions in Việt Nam, as highlighted by Visa's Consumer Payment Attitudes Study 2023, Garmin Pay's expansion and endorsement by major banks represent a significant advancement in the realm of one-touch payment solutions.
The rising popularity of contactless payments among various consumer segments, including Gen Z, Gen Y, and individuals with moderate to high incomes, underscores the appeal of this payment method.
Overall, Garmin Pay encapsulates the essence of modern living by integrating seamlessly into daily routines, from fitness activities to leisure pursuits and essential transactions. This innovative payment option offers numerous benefits and technological advancements, aligning with the strategic collaboration between Garmin and Visa to drive innovation and deliver tangible advantages to users. — VNS