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April 16, 2021updated 21 Jul 2022 4:41am

Bulgaria’s Fibank, Fitbit and Visa speed up digital payments

By Douglas Blakey

Fibank, Fitbit and Visa are teaming up to enable consumers to pay by waving their watch over the POS terminal.

Specifically, Fitbit Pay allows customers to add their Fibank issued Visa cards to their compatible Fitbit wearable devices. And so, customers can make payments at points of sale locations that support contactless payment technology.

Fitbit Pay works on Fitbit Sense and Fitbit Versa smartwatches, Fitbit Ionic, Charge 4 and Charge 3 Special Edition. Users can quickly add their Fibank cards to their Fitbit Wallet. To make payments, consumers press and hold the left side button until their Fibank card is seen on their device screen. They then hold the device near a payment terminal until a confirmation of payment appears. A protected PIN is chosen by the user during device set-up for additional security.

Furthermore, utilising Visa’s tokenisation technology makes every e- and m-commerce payment secure and simple. In particular, it replaces consumer accounts with a unique digital identifier or “token” used specifically for each device. And so, account and card data are never shared, giving an additional layer of security to digital payments.

Fibank: first bank in Bulgaria to offer Fitbit Pay

Nikola Bakalov, CEO Fibank, says: “Fibank is pleased to be the first Bulgarian bank to offer Fitbit Pay to its customers. Over the years, we have consistently set innovation in every area of banking as our priority. We offered the first contactless cards and introduced mobile payments using smartphones and watches, previously unknown to the local market. Given the situation that 2020 has put us in, we will continue to work for the convenience and security of our customers, and will soon surprise them with even more new services.”

Untapping the potential in wearables

Krassimira Raycheva, Country Manager, Bulgaria, Visa adds: “At Visa, we are committed to provide payment experiences tailored for consumers’ needs. Since the very beginning of the pandemic, contactless payments became a hygiene factor for consumers who expected to eliminate the usage of cash and contact with payment terminals.

We are pleased to partner with Fibank to untap the potential in wearables. It creates payment experiences that change the way consumers make their day-to-day payments.”

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