The FINANCIAL — Bank of Georgia continues to introduce innovative products and offer customers an exclusive method of payment for the first time in the Caucasus region. Visa cardholders of Bank of Georgia can now tap to pay with any payment-enabled Garmin smart watch. Georgia is the first country in the Caucasus region where this innovation is being offered.
Garmin PayTM is available on different smart watch models allowing people to make contactless payments without the burden of carrying cash. This feature is especially useful for active customers who may not want to carry too many items on-the-go. In addition to the contactless payment function, these watches monitor pulse, help track location, plan and analyze workouts, receive messages, play music and much more, depending on the model.
For the first time in Caucasus region, Visa cardholders of Bank of Georgia can pay contactless with any Garmin watch that supports Garmin PayTM
To better understand the relationship between fitness and payments, Visa conducted the “Sweaty Money1” survey, which found that people who regularly engage in fitness, experience significant inconvenience when they need to make a purchase before or after their workout:
57% of respondents do not carry any form of payment while exercising because they are worried about losing it or have no place to put it.
49% of respondents have at least once wanted to make a purchase immediately before or after working out but could not because they did not have any form of payment with them.
Garmin customers can shop contactless with a piece of mind as Garmin Pay uses Visa Token Service technology to replace the 16-digit account number and expiration date with a unique digital identifier that can be used to process payments without exposing actual account details.
Every Visa cardholder of Bank of Georgia can purchase Garmin watches exclusively in SOLO lounges across the country.
“We are pleased to offer another innovative product exclusively to our Visa cardholders and for the first time in the Caucasus region. Time management is very important in the present reality. Consequently, we are constantly striving to save our customers time by offering them customized, and innovative products. It’s important that customers of International brand- Garmin have an opportunity to enjoy more features,” said CEO of Bank of Georgia Archil Gachechiladze.
“We believe that the future belongs to the Internet of Things. Soon, we will no longer need to always carry wallets – their function will be performed by wearables,” said Vira Platonova, senior vice president and group country manager for Visa CISSEE. “Garmin Pay brings this future closer in Georgia. Now, with Bank of Georgia enabling their Visa cardholders to use this solution, even more Georgians have an opportunity to securely and easily pay by simply waving their Garmin device at a contactless payment terminal.”