On April 08.4.2024, XNUMX, Techcombank officially announced its cooperation with Garmin Vietnam, the leading smart watch brand, to add Garmin Pay payment solution to the "one-touch payment ecosystem".
Visa is one of the important partners with Techcombank to introduce Garmin Pay to a large number of users, promoting the community to fully enjoy a comfortable life. With the latest cooperation with Garmin Vietnam, Techcombank becomes one of the first banks in Vietnam to provide a comprehensive and complete set of unlimited Tap & Pay payment wallet solutions on Android and IOS operating systems (including Apple Pay, Samsung Pay, Google Pay and Garmin Pay), bringing outstanding payment experiences to customers, especially customers who love sports and are passionate about outdoor activities, or users pursuing a lifestyle. Active living, cashless lifestyle.
The cooperation of Techcombank, Visa and Garmin will contribute to promoting the convenience of one-touch payment in many different fields. From April 01.04.2024, 01.05.2024 to May 3,000,000, 2, users will enjoy great promotional programs when paying with Garmin Pay via Techcombank's Visa international credit or debit card at Garmin Brand Stores and Authorized Garmin dealers nationwide. Specifically, incentives up to 2 (three million) VND for the Venu 200,000/20S watch line; Discount of 2 (two hundred thousand) VND for other watch lines; 15% discount on selling price for Instinct 7 series watches; 2% discount on selling price for fenix 12.04.2024 Pro and Epix 01.05.2024 Pro watches (applicable period from April XNUMX, XNUMX - May XNUMX, XNUMX). Besides, customers can also register for a debit card online through the Techcombank application, the card will be issued immediately and added to Garmin Pay.
After adding the card to the Garmin app & watch, users can choose to add a Techcombank Visa card and create a password to use. Customers can start using Garmin Pay on that watch quickly and continue to receive all the rewards and benefits that Techcombank's card offers.
Mr. Nguyen Anh Tuan - Director of Retail Division - Vietnam Technological and Commercial Joint Stock Bank - Techcombank - shared: "With the vision of "Transforming the financial industry, enhancing the value of life", Techcombank constantly invests in technology and expands the one-touch payment ecosystem with reputable partners, to improve service quality and user experience. We believe that the latest cooperation on the Garmin smartwatch platform will bring customers a convenient, easy, safe and private cashless payment method.”
Mr. Scoppen Lin, Deputy General Director of Garmin Asia, shared: “Garmin is very excited about this partnership announcement, which clearly demonstrates our commitment to promoting the popularity of Garmin Pay in the Vietnamese market. Through the partnership with Techcombank, Garmin Pay can now be accessed by more users and help them have a more convenient and modern living experience. As the leading brand of smart wearable devices, we will continue to contribute to developing the smart payment market and promoting an active and convenient lifestyle to users.
Garmin Pay is a contactless payment platform that helps users make transactions quickly. Built on an open platform independent of iOS and Android operating systems, this payment application does not require a phone connection. With just the touch of a Garmin compact smartwatch to the POS machine, users can easily use and enjoy many attractive incentives and service benefits that Garmin and its banking partners bring.
Garmin Pay's maximum security system also allows bank card information to be kept private through the transaction code for each purchase. When paying, the payment card number will not be stored on the device, on Garmin's system or sent to the seller, but based on the specific card number of each watch. In case the user removes the watch from the wrist or turns off the heart rate monitor, the watch will require re-entering the password before payment. Additionally, Garmin Pay will automatically lock the wallet when the user enters the wrong password three times, and the user will have to reset the password in the Garmin Connect app to continue.
The development of electronic payments recognizes many contributions from Visa, when Visa's Token platform and Token penetration rate are one of the important factors to support digital payment transactions. and bring the world's leading e-wallets to Vietnam.
Ms. Dang Tuyet Dung, Director of Visa Vietnam and Laos, shared: “We are very happy to accompany Garmin and Techcombank to bring one-touch payment solutions closer to many Vietnamese users. This solution not only expands Visa's portfolio of contactless payment methods, but also underscores our commitment to consumer convenience and safety during the payment process, contributing to promoting the digital economy in Vietnam.”
According to VISA's recent research on "Consumer payment attitudes", 88% of Vietnamese consumers participating in the survey have gradually moved towards a cashless shopping experience. This is driven by the trend-leading segments Gen Z and Gen Y where at least 4/5 have successfully converted. In particular, contactless payment has become a trend in Vietnam with the main response from Gen X, Gen Y, and people with high average income. Every 2/5 consumers will use this form to pay, of which Gen X and people with high average income make up the majority. 9/10 people are interested in experiencing touchless cards.
