NFC TIMES Exclusive Insight – U.S.-based device maker Garmin is the latest company to introduce an NFC-based mobile payments service in a smartwatch, today unveiling its “Garmin Pay” service for its forthcoming vívoactive 3 watch.
The announcement comes just three days after rival wearables maker Fitbit announced it would launch Fitbit Pay from its first smartwatch, the NFC-enabled Ionic. The Garmin watch, like the similarly priced Fitbit Ionic, is expected to start to ship in the fall, though Garmin today did not release a launch date or the names of any banks that would support its forthcoming payments service.
Both Garmin Pay and Fitbit Pay will support major card brands, which for Garmin Pay will be Visa and Mastercard. Like the Fitbit watch and earlier-introduced “Pays” services from Apple and Samsung on smartwatches, in addition to smartphones, Garmin’s vívoactive 3 will carry an NFC embedded secure element. The chip will store tokenized card credentials.