Mastercard on Thursday announced a partnership with GARMIN, Siam Commercial Bank (SCB) and Krungthai Card (KTC) to launch GARMIN Pay in Thailand.
GARMIN Pay is a contactless payment feature available on supported GARMIN smartwatches which enables fitness enthusiasts to make contactless payments and pay by simply tapping their device at a contactless terminal at 12 million merchant locations globally.
According to its press statement, the partnership between GARMIN, SCB, KTC and Mastercard expands the range of contactless payments options available to Mastercard cardholders, which now includes contactless cards, smartphones, watches and other wearables.
The adoption of payments using connected devices has increased rapidly in recent years, globally and regionally. Mastercard’s 2017 Mobile Shopping Survey found that emerging markets, including Thailand, are leading the region’s growth in mobile shopping, with 65 per cent of Thai respondents saying they have made purchases using their connected mobile devices.
The statement said the rapid adoption of new payments technology combined with the Thai government’s policy to develop digital payments is continuing to drive the growth of mobile and contactless payments in Thailand. Mastercard’s expanding partnerships with leading manufacturers, distributers and local issuers are ensuring the next-generation of innovative, connected digital devices are secure, widely accessible and simple to use.
All contactless payments supported by GARMIN devices are powered by Mastercard’s industry-leading Mastercard Digital Enablement Service (MDES), which includes advanced biometric and gesture-based authentication features to protect transactions.
Krairop Luang U-Thai, general manager of GIS, the authorized distributor of GARMIN products in Thailand said, “The GARMIN Pay service is the latest feature for GARMIN smartwatch users. Customers can tie their Mastercard credit cards issued by KTC and SCB with a supported GARMIN smartwatch and create a GARMIN Pay Wallet through the GARMIN Connect application, along with a passcode.
To make a purchase, all customers need to do is simply place their smartwatch on a Mastercard Contactless acceptance terminal.
GARMIN Pay uses Mastercard Digital Enablement Service to secure users’ information. The tokenized data is saved in an isolated safety chip in the device, protecting sensitive data from malware and viruses. GARMIN Pay is now available in the U.S. and 21 other countries around the world.”
Srihanath Lamsam, executive vice president, Payments Product Development and Solutions Division, SCB, said, “As a leader in digital-lifestyle banking, SCB pays unprecedented attention to the development of innovation, technology, and services to offer new financial and customer experiences. Working hand in hand with our partners we aim to build strong digital platforms to support the development of a cashless society in Thailand.
The partnership with GARMIN and Mastercard will create a brand new health-lifestyle experience for health enthusiasts. Siam Commercial Bank believes that this collaboration will be a crucial part for our push to be the most admired bank, and in addition, revolutionize financial experiences for the better, fulfilling our customers’ needs.”
Pittaya Vorapanyasakul, executive vice president - Credit Card Business, “KTC” or Krungthai Card Public Company Limited, states, “KTC joins hands with “GARMIN” to introduce its latest contactless payment through GARMIN smartwatches for KTC Mastercard credit card members.
“GARMIN Pay allows for convenient and safe transaction that meets the lifestyles of health conscious, modern and tech-savvy customers. In this occasion, KTC launches promotions for members to use GARMIN Pay, offering 5% cashback for members who make over five transactions using KTC Mastercard credit cards through GARMIN Pay per card per month, with an overall spending not exceeding Bt. 5,000/card/month, from November 15, 2018 to December 31, 2018."
Meanwhile Aileen Chew, head of market development, Thailand and Myanmar, Mastercard, said, “Mastercard is pleased to partner with GARMIN and our issuing partners SCB and KTC to expand our range of contactless payments for Mastercard cardholders. The speed, convenience and security that contactless payments offer, including wearables in the GARMIN range, are transforming everyday commerce, benefiting merchants and consumers, and helping to move Thailand towards a more efficient and inclusive cashless society.”
GARMIN Pay is available on vivoactive 3 series, forerunner 645 series, fenix 5 plus series.