Garmin Pay is supported by a global network of over 250 banks in 30 countries, and is available on 11 devices.
Fit Pay, a subsidiary of Nxt-ID (NASDAQ:NXTD), announced on Wednesday (January 16) the expansion of Garmin Pay to the 11th smartwatch from Garmin (NASDAQ:GRMN), the vivoactive 3 Music with LTE connectivity.
Garmin Pay is a contactless payment solution and digital wallet that is powered by Fit Pay. It enables users to make secure contactless payments using their smart devices at near field communication-enabled point-of-sale terminals.
Fit Pay says the Garmin Pay solution is supported by a network of more than 250 banks in 30 countries.
“We introduced Garmin Pay in 2017 with the launch of the vívoactive 3, and we are pleased with how this feature has expanded to encompass additional product lines, including smartwatches,” said Dan Bartel, Garmin’s vice president of global consumer sales.
The solution from Garmin works through the Fit Pay Token Requester Management Platform, which lets users securely add their desired payment method to devices integrated with Fit Pay’s token system.
“Garmin Pay provides our customers with the flexibility to pay with their wrist, and as we move forward, we know that even more Garmin customers will have the opportunity to experience this great feature,” Bartel continued in the release.
Launched in conjunction with last week’s Consumer Electronics Show, Garmin’s vivoactive 3 Music with LTE connectivity includes a safety feature that lets consumers trigger a message in case of emergencies. Although users can manually trigger the message, the device also features automatic triggering facility in case of emergency detection.
“In addition to the extension of Garmin Pay to a diverse portfolio of devices, we have also seen tremendous adoption globally among bank and credit account issuers,” Michael Orlando, NXT-ID COO and Fit Pay president, said in the release.
“The worldwide network of banks and issuers supporting Garmin Pay continually expands, driving new digital wallet activations by Garmin users.”
Fit Pay notes that the Garmin Pay solution, which was recently added by banks in the United Arab Emirates and Mexico, was the first device-based contactless payment service to enter the German market. The payment feature is enabled across the range of Garmin devices.
“We are proud to collaborate with a company that has shown such a commitment to enhancing their users’ payment experience across such a wide variety of device offerings,” Orlando said.
Following the announcement, shares of Nxt-ID were up by 2.44 percent and closed the trading session on Wednesday at US$1.26. The stock has a “moderate buy” ranking on TipRanks with an analyst target price of US$2, representing upside of 58.73 percent from its current price.
Nxt-ID has a “buy” ranking on TradingView with 17 verticals in favor, six in neutral and five against.
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Securities Disclosure: I, Bala Yogesh, hold no direct investment interest in any company mentioned in this article.