Technology firm Garmin International Inc and Mastercard recently announced that the firm's Garmin Pay feature will be broadening its use to Maestro cards as well. This expansion will be able to offer payment services in Europe, featuring Belgium's KBC bank, Netherland's ABN AMRO and Rabobank, and Italy's BNL Gruppo. The seamless service is incorporated into Garmin's new smartwatches, creating a wearable process that can be enabled at near-field communication to POS devices.
Garmin Pay originally launched last year and the firm's Vice President of fitness Joe Schrick expresses that they are committed to eventually implementing this service globally. It is now available in 26 different countries and notably, it is fueled by FitPay's 'Token Requester Management Platform.' This is the platform that ensures secure elements so that cardholders can safely add their information as the technology will replace the account data with a special digital identifier known as the "token."
Secure Contactless Digital Wallets
Garmin International Inc Expands Garmin Pay to Maestro Accounts
Trend Themes
1. Contactless Payment Technology - The expansion of Garmin Pay to Maestro cards highlights the growing trend of contactless payment technology, providing opportunities to develop secure and convenient payment solutions.
2. Wearable Payment Solutions - Garmin's incorporation of Garmin Pay into their smartwatches demonstrates the trend of wearable payment solutions, opening up possibilities for seamless transactions through wearable devices.
3. Global Expansion of Mobile Payments - The commitment to implement Garmin Pay globally and its availability in 26 countries showcases the trend of global expansion in the realm of mobile payments, presenting opportunities for cross-border payment innovation.
Industry Implications
1. Fintech - The expansion of contactless digital wallets like Garmin Pay presents disruptive innovation opportunities within the fintech industry, enabling the development of secure and convenient payment solutions.
2. Wearable Technology - The integration of Garmin Pay into smartwatches indicates disruptive innovation opportunities within the wearable technology industry, allowing for seamless and convenient payment transactions through wearable devices.
3. Mobile Payments - The global expansion of mobile payment services, as seen with Garmin Pay, provides disruptive innovation opportunities within the mobile payments industry, facilitating cross-border transactions and advancing the mobile payment ecosystem.