Visa Brings Simple, Secure Payments to Garmin® vívoactive® 3 Smartwatch
August 31 2017 - 7:05AM
Business Wire
Garmin PayTM functionality is an early product
to leverage the Visa Ready for Tokenization program
Visa (NYSE:V) today announced it is enabling payments on the new
Garmin vívoactive 3 smartwatch, allowing consumers with active
lifestyles to pay with the flick of their wrist instead of stashing
their cards or cash in their socks while exercising. A recent
review of consumers’ workout woes, the “Visa Sweaty Money Survey,”
found that for those who do decide to bring forms of payments along
with them on workouts, 57 percent admitted to placing it in an
unconventional place, like a sock or even their undergarments.
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Visa surveys attitudes on
commerce-related workout woes (Graphic: Business Wire)
“The idea of wearing your wallet on your wrist is not only
desired by consumers, but with Visa and Garmin it will be both
convenient and secure,” said Jim McCarthy, executive vice president
of innovation and strategic partnerships, Visa. “Partners like Fit
Pay, Inc. are helping us accelerate the growth of IoT by bringing
payment-based features to market on devices like Garmin’s – with
greater ease and speed-to-market.”
The Garmin vívoactive 3 is the first wearable from Garmin to
feature Garmin Pay, an early NFC-based product to utilize the Visa
Ready for Tokenization program, via TSP* program partner Fit Pay,
Inc. The Visa Ready for Tokenization program gives partners
access to Visa’s broad network of tools and services – including
the Visa Token Service – to speed up and simplify the process for
embedding secure payments in connected or mobile devices.
“Garmin customers are dedicated to living an active lifestyle.
The last thing they want to think about after participating in a
marathon or working out is pulling out money from their sweaty
workout gear to pay for a post-workout refreshment – or even worse,
forgetting their money,” said Dan Bartel, Garmin vice president of
global sales. “Working with Visa through Fit Pay, Inc. has enabled
us to provide a quick payment solution for our customers and now
they can pay whenever, wherever.”
Fitness fans have unique pain points when it comes to meeting
their commerce needs on-the-go. In the Visa Sweaty Money Survey
released today, key results found:
- 60 percent of those surveyed would be
interested in using a wearable device to pay for something during
their workout.
- 49 percent of respondents have wanted
to make a payment before or after working out, but couldn’t because
they didn’t have a form of payment with them.
- 57 percent of respondents refrain from
carrying any form of payment while exercising because they’re
worried about losing it or have no place to put it.
Additional Information:
- Eligible Visa accountholders from
participating financial institutions will be able to initiate
payments on the run when Garmin Pay becomes available.
- For more information or to find out how
you can work with a Visa Ready-qualified TSP partner, please visit
https://visaready.visa.com/.
- The “Visa Sweaty Money Survey” was
conducted among a panel of approximately 1,000 adult users ages 18
and older within the United States by Wakefield on behalf
of Visa in August 2017. For a related infographic, go to
https://www.visa.com.
* Token Service Provider
About Visa
Visa Inc. (NYSE: V) is a global payments technology company that
connects consumers, businesses, financial institutions, and
governments in more than 200 countries and territories to fast,
secure and reliable electronic payments. We operate one of the
world’s most advanced processing networks — VisaNet — that is
capable of handling more than 65,000 transaction messages a second,
with fraud protection for consumers and assured payment for
merchants. Visa is not a bank and does not issue cards, extend
credit or set rates and fees for consumers. Visa’s innovations,
however, enable its financial institution customers to offer
consumers more choices: pay now with debit, pay ahead with prepaid
or pay later with credit products. For more information, visit
usa.visa.com/about-visa, visacorporate.tumblr.com and
@VisaNews.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170831005531/en/
Visa Inc.Katie Harris-Maines,
415-810-4930KathHarr@visa.com
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