Garmin Vietnam announces expansion of payment service

April 01, 2024 | 15:23
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Garmin Vietnam is expanding its contactless payment service, Garmin Pay, through a collaboration with five major banks, ACB, MB, Sacombank, Techcombank, and Vietcombank, the company announced on April 1.

Launched last November through an initial collaboration with VPBank, Garmin Pay enables users to conduct transactions swiftly and easily. Built on an open platform independent of the iOS and Android operating systems, the 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 a point-of-sale machine, they can easily utilise numerous benefits and service utilities provided by Garmin and its banking partners

Garmin Vietnam announces expansion of payment service

Garmin Pay garnered positive feedback from over 1,000 users within the first five weeks of its launch and the enthusiastic response propelled Garmin to further expand this payment method, offering new users a multitude of advantages, including mitigated transaction risks and a cutting-edge, cashless lifestyle tailored to today's sophisticated users.

Scoppen Lin, assistant general manager, Garmin Asia said, "Garmin Pay can now be accessed by even more users in Vietnam, enabling them to enjoy a more convenient and modern lifestyle. As a top 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 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.

If users remove the watch from their wrist or turn off the heart rate monitor device, the watch will require 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 2023 Consumer Payment Attitudes Study, 88 per cent of Vietnamese consumers are gradually transitioning to cashless shopping experiences. 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, nine out of 10 individuals are interested in experiencing various types of contactless cards.

Dung Dang, Visa country manager for Vietnam and Laos, said, "We believe Garmin Pay will 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 emphasises 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, as it is poised to enhance the accessibility of one-touch payment solutions across various domains. The payment option integrates into the routines of contemporary individuals, spanning everything from fitness pursuits to leisure engagements and essential transactions.

It epitomises 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.

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