Garmin PayTM functionality is an early
product to leverage the Visa Ready for Tokenization program
SAN FRANCISCO--(BUSINESS WIRE)--
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.
This Smart News Release features multimedia. View the full release here:
http://www.businesswire.com/news/home/20170831005531/en/
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/
Source: Visa Inc.