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Hanging up instead of plugging becomes more and more popular at the supermarket checkout. At least 54% of all payment transactions in Austria are currently handled without contact. According to Erste Bank, there are 8.7 million NFC-compatible cards, accounting for 92% of all bank cards in the country. NFC stands for "near field communication" and allows contactless payment.
So it is also that less and less have also inserted money. But when some amateur runners make their rounds in the park before breakfast, then make a detour to the bakery, they have just a few coins or even a card, but usually a watch. There is good news for these animated species, but not just these, provided they have a Garmin watch. Then you can use the new Garmin Pay payment service, offered by Erste Bank and the savings banks, and pay without contact with the clock. 20,000 devices meeting the requirements are already on the market, according to the American company in Austria. With a market share of 38%, Garmin is the market leader in sports and fitness watches in Austria.
Protection against theft and loss
To use the Garmin app, you need a smart watch, such as models from the Fenix 5 plus series, a Vivoactive 3 / 3M, or the Forerunner 645 / m. The Garmin Connect app connects the watch to the smartphone and enters the credit card information once. After verification, a self-selectable 4-digit code protects the clock data.
If the watch is removed from the wrist, the payment process code must be re-entered. Thieves have no chance, say the two companies. From a technical point of view, Garmin Pay uses for each payment transaction encrypted transaction codes, which are not stored on the clock nor on the Garmin servers.
"High technical effort"
Contactless transactions at Erste Bank and savings banks have been steadily increasing in recent years. At present, about two-thirds of digital payments represent small amounts under the NFC limit of 25 euros. Thomas Schaufler, Privatkundenvorstand of Erste Bank, has an advantage in the frequent use of card payments, besides the practical side also in a better overview of the personal financial situation. With each electronic payment, the overview of Internet banking becomes more extensive.
Simpler Weber, Garmin's marketing director for the roof region, explains in a conversation with the "press" that the payment with the clock is not spreading even faster. The interface is provided by Garmin, the connection to banking systems must resume the Institute. From the beginning of the cooperation until the live operation, it took almost eleven months in the specific case. The launch was originally scheduled for September. Weber knows, many banks are hesitant about these expenses. After all, the Visa S card will also be available early in 2019 for Garmin Pay and, starting in the fall, will be the Debit Mastercard, the new Garmin automatic payment card with clock available.
Offer for other banks should come
For all Garmin owners who have their bank account and a Mastercard credit card in another bank, a mobile application will soon be available: in 2019, Garmin Pay will also cooperate with the German mobile payment service provider Vimpay in Austria, according to Weber. For the moment, Vimpay, a multi-bank application, is only available from the German neighbor.
Overall, Austria is lagging behind in digital payments compared to other European countries, especially Scandinavians. One board member, says Schaufler, believes that faster change to a cash-free society can only be achieved through political pressure. However, he attests to the Austrians "good access to money".
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