On April 8, 2024, Techcombank officially announced its cooperation with Garmin Vietnam, the leading brand of smart watches, to add the Garmin Pay payment solution to the "one-touch payment ecosystem".
Visa is one of the important partners with Techcombank to introduce Garmin Pay to a large number of users, promoting the community to fully enjoy a convenient life. With the latest cooperation with Garmin Vietnam, Techcombank becomes one of the first banks in Vietnam to provide a comprehensive and complete set of unlimited Tap & Pay payment wallet solutions on Android and IOS operating systems (including Apple Pay, Samsung Pay, Google Pay and Garmin Pay), bringing superior payment experiences to customers, especially customers who love sports and are passionate about outdoor activities, or users pursuing an active lifestyle, a cashless lifestyle.
The cooperation between Techcombank, Visa and Garmin will contribute to promoting the convenience of one-touch payment methods in many different fields. From April 1, 2024 to May 1, 2024, users will enjoy great promotions when paying with Garmin Pay via Techcombank's Visa international credit or debit card at Garmin Brand Stores and authorized Garmin dealers nationwide. Specifically, the promotion is up to 3,000,000 (three million) VND for Venu 2/2S watches; 200,000 (two hundred thousand) VND for other watch lines; 20% discount on Instinct 2 series watches; 15% discount on fenix 7 Pro, epix 2 Pro watches (valid from April 12, 2024 - May 1, 2024). In addition, customers can also register for a debit card online via the Techcombank app, the card will be issued immediately and added to Garmin Pay.
After adding the card to the Garmin app & watch, users can choose to add a Techcombank Visa card and create a password to use. Customers can quickly start using Garmin Pay on that watch and continue to receive all the rewards points and benefits that Techcombank cards offer.
Mr. Nguyen Anh Tuan - Director of Retail Division - Vietnam Technological and Commercial Joint Stock Bank - Techcombank - shared: " With the vision of "Transforming the financial industry, enhancing the value of life", Techcombank constantly invests in technology and expands the one-touch payment ecosystem with reputable partners, to improve service quality and user experience. We believe that the latest cooperation on the Garmin smartwatch platform will bring customers a convenient, easy, safe and private cashless payment method."
“Garmin is excited to announce this partnership, which demonstrates our commitment to furthering the popularity of Garmin Pay in the Vietnamese market,” said Scoppen Lin, Vice President of Garmin Asia. “By partnering with Techcombank, Garmin Pay can now be accessed by more users and help them enjoy a more convenient and modern lifestyle. As a leading brand in smart wearables, we will continue to contribute to the development of the smart payment market and promote a dynamic and convenient lifestyle for users.”
Garmin Pay is a contactless payment platform that helps users make transactions quickly. Built on an open platform that is independent of iOS and Android operating systems, this payment application does not require a connection to the phone. By simply touching the compact Garmin smartwatch to the POS machine, users can easily use and enjoy many attractive promotions or service utilities that Garmin and its banking partners bring.
Garmin Pay's maximum security system also allows bank card information to be kept confidential through a transaction code for each purchase. When making a payment, 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 watch will ask for the password again before making a payment. In addition, Garmin Pay will automatically lock the wallet when the user enters the wrong password three times, and the user will have to reset the password in the Garmin Connect app to continue.
The development of electronic payment has recorded many contributions from Visa, when Visa's Token platform and Token penetration rate are one of the important factors to support digital payment transactions and bring the world's leading e-wallets to Vietnam.
Ms. Dang Tuyet Dung, Visa Country Manager for Vietnam and Laos, shared: “We are delighted to partner with Garmin and Techcombank to bring the one-touch payment solution closer to a wider range of Vietnamese users. This solution not only expands Visa’s portfolio of contactless payment methods but also emphasizes our commitment to bringing convenience and safety to consumers during the payment process, contributing to promoting the digital economy in Vietnam."
According to VISA’s recent study on “Consumer Payment Attitudes,” 88% of Vietnamese consumers surveyed have gradually shifted 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 converted. 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 accounting for the majority. 9/10 people are interested in trying out contactless cards.
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