CaixaBank and Visa take it up a watch with Garmin Pay
We assume you’re not buying another watch?
Watch out fintech folks, CaixaBank, Garmin and Visa are launching Garmin Pay in Spain for that wearable look.
CaixaBank Visa cardholders who own a Garmin watch with Garmin Pay technology will be able to use it to make in-store payments. It is currently implemented on “vívoactive 3” devices and there are plans to have 20 more Garmin devices enabled in the next months.
The new service will be launched commercially in the first half of 2018. CaixaBank says it will be the first bank in Spain to offer Garmin Pay.
Prior to using their watch for purchases, customers will need to load their CaixaBank Visa card on to their Garmin device. This operation can be performed through the Garmin Connect application. Likewise, customers can use the CaixaBank Pay application to manage the card loaded onto their Garmin watch.
With security in mind, the bank explains that the card number is not stored on the device or on the servers, nor is it transmitted to the personnel of the establishments where the device is used. Each time the customer makes a payment with his Garmin device, he/she will be notified by a message on the device.
According to the latest Visa Digital Payments Study, it handily points out (for Visa) that 93% of Spanish consumers expect to make digital payments on their devices on a regular basis before 2020.
Visa adds that 86% of consumers between 18 and 34 years old in Spain already use mobile devices to carry out transactions or to consult their financial information.
If you’re not familiar with Garmin, it has been designing, manufacturing, distributing and selling navigation, communication and information devices and applications since 1989, most of which incorporate GPS technology.
Its products are used in the automotive, mobile, wireless communication, outdoor leisure activities, maritime, aviation and OEM applications industries. The firm is headquartered in Switzerland and its main subsidiaries are in the US, UK and Taiwan.
