Suspension connection becomes increasingly popular in the supermarket. At least 54 percent of all payment transactions in Austria are currently equipped with contactless. According to Erste Bank, there are 8.7 million NFC cards, which is 92 percent of all bank cards in the country. NFC stands for "Near Field Communication" and allows for non-contact payment.
So it's also less and less money. But when some people make their bicycle in the park before breakfast and then find themselves in a bakery tour, they do not have just a few coins or even a card – but they are usually watches. There are good news for these lively species, but not just those if they have a Garmin watch. Then, you can use the new Garmin Pay payment service that Erste Bank and the savings banks offer and pay by contactless clock. 20,000 devices that meet the requirements are already marketed by the American company in Austria. Garmin is the market leader in the sports and fitness clock segment in Austria with 38 per cent.
Protection against theft and loss
To get paid with Garmin, you need the latest smartwatch, such as the Fenix 5 plus, Vivoactive 3 / 3M, or Forerunner 645 / m series. Garmin Connect connects your watch to your smartphone and once you enter your credit card details. Once verified, the automatic four-digit clock code protects the clock.
If the watch is removed from the wrist, the payment process code must be re-entered. Thieves have no chance, the two companies claim. From a technical point of view, Garmin Pay uses for each payment transaction encrypted transaction codes that are not stored on the clock or on Garmin servers.
"High technical effort"
Contactless transactions at Erste Bank and Savings Banks have been steadily rising in recent years. At present, approximately two-thirds of digital payments represent small amounts within the NFC limit of 25 euros. The advantage of frequent use of payment cards is Thomas Schaufler, Privatkundenstand of Erste Bank, in addition to practical and better insight into the personal financial situation. With every electronic payment, the Internet banking overview becomes more extensive.
Simpler Weber, Garmin's Roaming Marketing Director, explains in an interview with the press that clocking is not growing even faster. This interface is provided by Garmin, the connection to banking systems must be taken over by the institute. From the beginning of the collaboration to the live operation, it took almost eleven months in a particular case. Starting was scheduled for September. Many banks, as Weber knows from the talks, hesitated for these expenses. After all, the S Visa card will be released at the beginning of 2019 for Garmin Pay and from the autumn Debit Mastercard, the new ATM card will be available for payment with Garmin Watch.
The offer for other banks should come
For all Garmin owners who have a bank account and a Mastercard credit card in another bank, mobile applications will soon be available: In 2019, Garmin Pay will work with Vimpay's German mobile payment service provider in Austria, Weber says. At the moment, Vimpay, a multibanking application, is only available from a German neighbor.
Overall, Austria lags behind in digital payments compared to other European countries, especially Scandinavians. Faster change in the non-cash company can only be achieved by political pressure, says a member of the Schaufler board. But Austrians are witnessing "healthy access to cash".