Garmin Expands Contactless Payments 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 the company's smartwatch models currently on the Vietnamese market.

Previously, Garmin Pay first supported one-touch payment 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 currently supports payment cards from 6 banks in Vietnam.

Garmin Pay is a contactless payment platform that helps users make quick transactions, built on an open platform that is not dependent on iOS and Android operating systems, and does not require a connection to the phone during use. Mr. Scoppen Lin, Vice President 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 keeps your credit card information private through a transaction code for each purchase. When making a payment, the payment card number is not stored on the device, on Garmin's system or sent to the seller, but is based on the specific card number of each watch.

If the user takes the watch off or turns off the heart rate monitor, the system will ask for the passcode again before making a payment. Additionally, Garmin Pay will automatically lock the wallet if the user enters the wrong passcode three times. At this point, they will have to reset the passcode 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 cashless shopping experiences.

This is driven by the trend-leading segment of Gen Z and Gen Y, with at least 4/5 of them having successfully switched. In particular, contactless payments have become a trend in Vietnam, with the main response from Gen X, Gen Y, and upper-middle income earners. Every 2/5 consumers will use this form of payment, with Gen X and upper-middle income earners making up the majority. 9/10 people are interested in trying out contactless cards.

Ms. Dang Tuyet Dung, Director of Visa Vietnam and Laos, said: “ With the popularity of cashless payment methods, we believe Garmin Pay will be welcomed by users as a more convenient spending method and shopping experience in daily life ."

Khanh Linh

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