Fibank, Mastercard and Garmin launch pay watch
First Investment Bank (Fibank) has teamed up with Mastercard and Garmin to launch a new pay watch in the Bulgarian market, reports Jane Connolly.
Fibank customers who have a Mastercard debit or credit card issued by the bank can make payments and ATM transactions via Garmin Pay, by tapping the watch to contactless point-of-sale (POS) terminals and ATMs.
Aimed at athletes and people who don’t want to carry a bag or wallet at all times, the technology requires a Garmin smart watch, which will be available to Fibank customers at “preferential” prices until January 31, 2020.
Customer data is secured by the latest Mastercard Digital Enablement Service (MDES) technology and card registration is carried out through the Garmin Connect Mobile (GCM) app.
“Central and Eastern Europe is a global leader in the development of contactless payments and their huge success has created a demand for even more functionalities,” says Vanya Manova, Mastercard manager for Bulgaria, Northern Macedonia, Albania and Kosovo.
“Bulgaria is among the countries where modern technologies are quickly finding a home and a favourable environment for development. Garmin Pay brings us one step further in delivering secure and convenient payment innovations.”
The pay watch project is the latest collaboration between Mastercard and Fibank, who were the first to introduce the Paypass contactless payment technology to Bulgaria in 2010. Six years later they launched the country’s first digital card.