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Bank gets on board with more digital wallets

Bank gets on board with more digital wallets

A non-major bank has announced that its customers will be able to make payments using Garmin Pay.

MyState Bank has added the ability for customers to use Garmin Pay, which functions as a digital wallet and fitness monitor, to make contactless payments.

The non-major bank said that it expects a 200 per cent increase in customers using digital wallets by 2020, and that it already allows customers to use Apple Pay, Google Pay and Samsung Pay.

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“These services could easily overtake the use of credit cards by 2022,” MyState CEO Melos Sulicich said.

The non-major bank said that it recognises that security concerns are the “biggest obstacle” hindering mass adoption of digital wallets, and will therefore provide “educational content” on their “inherent protections for customers”.

However, the use of digital wallets is considered more secure than other forms of digital payments. Rather than storing debit or credit card numbers on mobile devices or on the technology providers’ servers, these digital wallets use tokenisation for increased security, meaning that card data is replaced with unique identification tokens and each payment is authorised with a one-time dynamic security code.

The number of digital wallets in the market has been increasing, after Citibank and ANZ became the first banks in Australia to offer Apple Pay. ANZ also offers Google Pay, Fitbit Pay, Garmin Pay and Samsung Pay, in addition to its own ANZ Mobile Pay platform.

Aside from its own digital wallet, NAB also allows customers to use Fitbit Pay, Google Pay and Samsung Pay, and most recently inked a deal with Alipay that will allow its merchant customers to accept payments from the 1.7 million Chinese tourists and students who make transactions in Australia every year.

Alipay is currently the world’s largest mobile payments platform, with more than 870 million users in China and India.

Other non-major banks such as Suncorp have also been getting on board with digital wallets this year.

[Related: Suncorp introduces payments via Apple Pay]

Bank gets on board with more digital wallets
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