Through the expansion of its banking ecosystem, Garmin offers a multitude of advantages, mitigating transaction risks and embracing a cutting-edge, cashless lifestyle tailored to today’s sophisticated users.
Garmin Vietnam has officially announced an expansion of collaboration with 5 major banks: ACB, MB, Sacombank, Techcombank, and Vietcombank, providing users with more options for convenient, secure, and safe contactless payments through the Garmin Pay on 22 models of the brand’s smartwatches.
Garmin Vietnam on April 1 officially announced an expansion of collaboration with five major banks ACB, MB, Sacombank, Techcombank, and Vietcombank to maximise the one-touch payment experience for users.
Launched in November 2023 through an initial collaboration with VPBank, Garmin Pay has already garnered enthusiastic responses and positive feedback from over 1,000 users within the first five weeks. This has become the driving force propelling Garmin to further expand its banking ecosystem to help users access this new payment method.
Garmin Pay is a contactless payment platform enabling users to conduct transactions swiftly and easily. Built on an open platform independent of the iOS and Android operating systems, this 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 the POS machine, they can easily utilize numerous benefits and service utilities provided by Garmin and its banking partners
Scoppen Lin, assistant general manager, Garmin Asia said, “Garmin is very excited about this expanded collaboration, which demonstrates our commitment to promoting the widespread adoption of Garmin Pay in the Vietnamese market. Supported by the major banks in Vietnam, Garmin Pay can now be accessed by even more users, enabling them to enjoy a more convenient and modern lifestyle. As a leading 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 payment 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”.
In case users remove the watch from their wrist or turn off the heart rate monitor device, the watch will require re-entering 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 Consumer Payment Attitudes Study 2023, 88 per cent of Vietnamese consumers are gradually transitioning to cashless shopping experiences. This shift is driven by leading demographic segments such as Gen Z and Gen Y, with at least 4 out of 5 individuals successfully making the switch. Particularly, 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 are delighted to partner with Garmin in bringing this one-touch payment solution to Vietnamese users. With the growing popularity of cashless payment methods, we believe Garmin Pay will quickly 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 emphasizes 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, poised to enhance the accessibility of one-touch payment solutions across various domains. Presently, this payment option seamlessly integrates into the routines of contemporary individuals, spanning 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.
