Garmin expands contactless payment feature in Vietnam

Garmin officially cooperates with 5 major banks including ACB, MB, Sacombank, Techcombank and Vietcombank to bring Garmin Pay payment service to 22 of its smart watch models currently on the Vietnamese market.

Previously, Garmin Pay first supported one-touch payments on its watches from November 2023 for Vietnamese users through the first cooperation with VPBank. Being supported by major banks in Vietnam is an important step for Garmin Pay, contributing to promoting the convenience of one-touch payment methods in many different fields.

Garmin Pay is a contactless payment platform that helps users quickly perform transactions, built on an open platform that does not depend on iOS and Android operating systems, and does not need to be connected to the phone during use. . Mr. Scoppen Lin, Deputy General Director of Garmin Asia shared: ' This cooperation clearly demonstrates our commitment to promoting the popularity of Garmin Pay in the Vietnamese market. Now the service can reach more users and help them experience a convenient and modern payment method ."

Garmin Pay's security system helps keep bank card information private through transaction codes 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 system will ask to re-enter the password before payment. In addition, Garmin Pay will automatically lock the wallet when the user enters the wrong password three times. At this point, they must reset their password in the Garmin Connect app to continue.

According to Visa's latest research on consumer payment attitudes, 88% of Vietnamese consumers are gradually shifting to 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.

Ms. Dang Tuyet Dung, Director of Visa Vietnam and Laos, said: ' With the popularity of non-cash payment methods, we believe Garmin Pay will be accepted by users as a way to spend and more convenient shopping experience in daily life ".

Jessica Tanner

Update 01 April 2024