The inaugural bank in Vietnam to implement the Garmin Pay payment method is VPBank.

DNHN - Garmin Pay is a one-touch payment method introduced by VPBank for Garmin smart watch devices. This financial institution is the inaugural participant in Vietnam to implement a payment method that expands VPBank's reach within the Tap&Pay payment

Contactless payment has emerged as a prevalent and practical mode of conducting business. This technological advancement enables users to conduct expedient and secure transactions using only a single touch and a few straightforward operations on smartphones or other mobile devices (e.g., watches, tablets, smartphones), thereby doing away with the necessity for physical interaction, PIN input, or signatures.

Garmin Pay is a contactless payment platform that operates on Garmin smartwatches. Its target demographic comprises individuals who have a strong interest in mobility and engage in physical activities frequently, whether indoors or outdoors. This payment method has been designed to enable users to initiate transactions with a single tap. All transactions, whether in a shopping center, coffee shop, or convenience store, become simple, quick, and secure with the compact watch in your hand. The aforementioned payment system has achieved international acceptance in 94 countries. Vietnam Prosperity Joint Stock Commercial Bank (VPBank) has partnered with Garmin Pay to establish its presence on the payment network in Vietnam.

By integrating the Garmin Pay payment solution into its one-touch payment ecosystem, VPBank establishes itself as the inaugural and sole financial institution in Vietnam to offer an all-encompassing collection of limitless Tap & Pay payment wallet solutions. restricting payment processing to Android and iOS platforms (including Apple Pay, Samsung Pay, Google Pay, VP Pay, and Garmin Pay) to provide customers with the most convenient payment experiences possible.

Mr Scoppen Lin, Deputy General Director of Garmin Asia, commented on this payment method as follows: "With the official launch of the Garmin Pay payment application in Vietnam for the first time, we aim to provide users with the most effective payment system and tool possible. By leveraging cutting-edge wearable technology, Garmin intends to foster the growth of the cashless payment sector in Vietnam and establish itself as the preeminent brand that facilitates contactless payments through smartwatches.

Garmin Pay, being an open platform that is not restricted to the Android or iOS operating systems, is prepared to assist customers at any time and in any location. Users need only link VPBank Mastercard & and Visa international debit/credit card information to the smartwatch via the Garmin Connect application installed on their smartphone to complete the payment process. At this time, this method of payment is supported on 22 lines of Garmin smartwatches that feature NFC integration.

This payment application operates autonomously and does not necessitate a mobile phone connection for payment. The highest level of security offered by Garmin Pay enables the concealment of credit card details via the transaction code associated with every purchase. Upon making a payment, the payment card number is not stored on the watch, in Garmin's system, or transmitted to the seller. Instead, it is determined by the unique card number associated with each watch. The estimated time of payment using this method is mere seconds.

Should the user remove the watch from their wrist or deactivate the heart rate monitor, they will be obligated to enter the password again before completing the payment process. Furthermore, Garmin Pay will lock the wallet automatically if the user enters an incorrect password three times. To proceed, they will be required to reset their password within the Garmin Connect application.

Mr. Phung Duy Khuong, Permanent Deputy General Director of VPBank, stated: "To enhance the customer experience of VPBank, Garmin Pay is an element of the bank's strategy to promote technology, digitalization, and non-cash payments, particularly as the payment trend of Tap & Pay gains traction. It is our conviction that Garmin Pay, a forthcoming payment method, will afford users enhanced security, convenience, and comfort.

During the launch, VPBank also implemented several customer incentive programs. In particular, VPBank will reimburse 50% of the transaction value (up to a maximum of 100,000 VND) at partners affiliated with the bank (convenience stores, restaurants, supermarkets, and shopping establishments) until February 29, 2024. market...) when using Garmin Pay to pay with VPBank Mastercard and Visa credit cards.

In addition, purchasers of Garmin smartwatches with an invoice value of at least 10 million VND and payment made using VPBank Mastercard & Visa credit cards at Garmin brand stores in Hanoi, Nghe An, Da Nang, City, will be refunded an additional 500,000 VND. HCM as well as the Thegioididong, FPT Shop, and Hoang Ha Mobile retail chains... The deadline to apply is January 31, 2024.

Hanh Nguyen