VPBank cooperates with Garmin to launch payment via smart watch

ANTD.VN - VPBank officially launched Garmin Pay one-touch payment on Garmin smartwatches.

On November 22, Vietnam Prosperity Joint Stock Commercial Bank (VPBank) officially launched Garmin Pay one-touch payment on Garmin smartwatches. This is the first bank in Vietnam to deploy this payment method, helping to increase VPBank's coverage in the Tap & Pay payment ecosystem.

Contactless payments have become a popular and convenient transaction trend. This technology allows consumers to make quick and secure payments with just a touch and a few simple steps on smartphones or other devices such as watches, tablets, eliminating the need for direct contact, signatures or PINs.

Garmin Pay is a contactless payment platform using Garmin smartwatches, aimed at customers who are passionate about traveling and regularly participate in outdoor sports or indoor physical activities.

This payment method is programmed so that users can easily connect to pay with just one touch. Whether it is a convenience store, a coffee shop, or a shopping mall, all transactions become easy, fast and secure through the compact watch on the wrist.

This payment system has been welcomed in 94 countries around the world . And now, Garmin Pay is available on the payment network in Vietnam through cooperation with VPBank.

By adding Garmin Pay payment solution to the one-touch payment ecosystem, VPBank becomes the first and only bank in Vietnam to provide a comprehensive and complete set of unlimited Tap & Pay payment wallet solutions on Android or IOS operating systems (including Apple Pay, Samsung Pay, Google Pay, VP Pay and Garmin Pay), bringing the most convenient payment experiences to customers.

Sharing about this payment method, Mr. Scoppen Lin, Deputy General Director of Garmin Asia said: “For the first time officially launching the Garmin Pay payment application in the Vietnamese market, we expect to bring the best payment tool and system to users.

With advanced wearable technology, Garmin will contribute to promoting the development of the cashless payment market in Vietnam, aiming to become the leading brand supporting contactless payments via smart watches."

As an open platform, not limited to Android or iOS operating systems, Garmin Pay is ready to accompany customers anytime, anywhere. To make payments, users only need to link their VPBank Mastercard & Visa international debit/credit card information to their smartwatch via the Garmin Connect application installed on their smartphone. This payment method is currently supported on 22 Garmin smartwatch models with integrated NFC.

This payment application does not require a connection to a mobile phone and can be used independently. Garmin Pay's maximum security system also allows bank card information to be kept confidential through a 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. Payment time by this method is very fast, can be estimated in seconds.

If the user takes the watch off their wrist or turns off the heart rate monitor, the watch will ask for a passcode again before making a payment. Additionally, Garmin Pay will automatically lock the wallet if the user enters the wrong passcode three times. At that point, they will have to reset the passcode in the Garmin Connect app to continue.

Representative of VPBank, Mr. Phung Duy Khuong, Permanent Deputy General Director of VPBank shared: “Garmin Pay is part of the strategy to promote digitalization, technology, and promote cashless payments, especially when the Tap & Pay payment trend is growing, to enhance VPBank's customer experience. We believe that Garmin Pay will be a new form of payment, bringing safety, convenience and ease to users”.

During the launch, VPBank also launched many incentive programs for customers. Specifically, from now until February 29, 2024, VPBank will refund 50% of the transaction value (up to 100,000 VND) at partners associated with the bank (convenience stores, restaurants, shopping, supermarkets...) when paying with VPBank Mastercard & Visa credit cards via Garmin Pay.

Customers will also receive a refund of VND 500,000 when purchasing Garmin smartwatches with a bill value of VND 10 million or more and paying with VPBank Mastercard & Visa credit cards at Garmin brand stores in Hanoi, Nghe An, Da Nang, Ho Chi Minh City, and retail chains Thegioididong, FPT Shop, Hoang Ha Mobile... Applicable from now until January 31, 2024.

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