Garmin has recently announced a new stable of smartwatches and fitness wearables, and with those watches comes a brand new feature for the company: Garmin Pay. Currently available on the Vivoactive 3, Garmin Pay allows users to connect their credit cards and make payments by tapping their smartwatch rather than having to take out their wallet.
As far as fitness goes, having a mobile payment system is especially convenient. When running or cycling, one typically looks to carry around as little extra as possible. Storing a payment system on one's smartwatch means forgoing the necessity of carrying around a credit card or wallet during exercise, keeping runners and cyclists more secure as they stray from their starting points.
Garmin Pay is exclusive to the Vivoactive 3, but it should eventually be accepted on all of Garmin's smartwatches.
Fitness Watch Payment Systems
The Vivoactive 3 Comes with Garmin Pay
Trend Themes
1. Contactless Payment Integration - With the increasing popularity of fitness wearables, opportunities arise for brands to integrate contactless payment systems, allowing users to make secure payments without the need for physical cash or credit cards.
2. Wearable Tech Security - As fitness wearables become more common, there is a growing need for innovative security features that protect users' sensitive information and safeguard their payment transactions.
3. Ecosystem Integration - As technology ecosystems continue to expand, there is an opportunity for wearables brands to integrate payment systems with other devices, making it easier for users to make payments on the go.
Industry Implications
1. Financial Services - Integrating payment systems into wearables offers an opportunity for financial service providers to create a new revenue stream, while providing customers with a convenient and secure payment method.
2. Fitness & Athletics - Fitness wearables and smartwatches offer opportunities for athletes and fitness enthusiasts to track their progress and make secure payments while on the go.
3. Technology & Gadgets - The integration of payment systems with wearables and smartwatches offers opportunities for technology companies to create new product offerings and expand their market presence.