In addition to the replacement, supermarket safes are becoming increasingly popular. At least 54 percent of all payment transactions in Austria are currently considered non-contact. According to Erste Bank, there are 8.7 million NFC cards in the country with 92 percent of all debit cards. NFC means "Near Field Communication" and provides contactless payment.
So there is less and less money. However, some hobby runners took a tour in the park before breakfast, and then on the way to the bakery, a few coins or even a card with them – but usually an hour. It's good news for spirited species, but not on the condition that they only have a Garmin watch. You can then use Garmin Pay, the new payment service offered by Erste Bank and the savings banks, and you can make a non-contact payment with the clock. According to the US company in Austria, 20,000 devices that meet the requirements are already on the market. With a 38% share, Garmin is the market leader in Austria in the sport and fitness track segment.
Protection against theft and damage
You need an existing smartwatch to pay with the Garmin app, for example the models of the Fenix 5 plus series, Vivoactive 3 / 3M or Forerunner 645 / m. The Garmin Connect application connects the watch to the smartphone and enters the credit card details once. After validation, a self-selectable 4-digit code retains the data on time.
If the watch is removed from your wrist, the code for the payment process must be re-entered. Two companies say thieves don't have coincidences. From a technical point of view, Garmin Pay uses encrypted transaction codes for every payment transaction that is not stored on the clock or Garmin servers.
"High technical effort"
Erste Bank's contactless transactions and savings banks have steadily increased in recent years. Almost two-thirds of digital payments are currently generating small amounts under NFC's limit of 25 euros. The advantage of the frequent use of card payments is seen in a better review of the personal financial situation, as well as by Thomas Schaufler with Erste Bank's Privatkundenvorstand. An overview of Internet banking with each electronic payment becomes more comprehensive.
Simpler Weber, marketing director for Garmin's rooftop region, explains in an interview with the "press" that it would not be faster to pay by one hour. The interface is provided by Garmin, and the connection to banking systems must take over the Institute. From the beginning of the cooperation to the live operation, it took almost eleven months in the special case. The launch was originally scheduled for September. As we know from the negotiations of Weber, many banks are not afraid of these expenses. After all, S Visa Card will be available to pay for Garmin Pay early in 2019 and in the fall, on Debit Mastercard with the new ATM card Garmin Watch.
Offer for other banks
It will soon be a mobile app for all Garmin owners who have a bank account and a Mastercard credit card at another bank: In 2019, Garmin Pay will collaborate with Vimpay, the German mobile payment service provider in Austria, according to Germany. . Vimpay, now a multi-band application, can only be taken from German neighbors.
In general, Austria lags behind in digital payments compared to other European countries, especially Scandinavia. Schaufler, a member of the board of directors, says that a cashless society can be reached more quickly, but only through political pressure. However, he approves "a healthy access to cash" to the Austrians.