Fitbit Pay launches with ANZ, CBA and NAB
Big bank customers can now tap and pay on the run.
Forget having to carry your card in your sports bra whenever you go for a run or figuring out where to stash your wallet the next time you go for a swim. Fitbit is the latest company to jump on the contactless payments bandwagon with the recent launch of Fitbit Pay. And today, it has announced a massive partnership with Aussie banking giants ANZ, CBA and NAB that will kick off next Monday. Fitbit has also confirmed that it's in talks with Westpac, Bendigo Bank, St.George and some other regional banks for future partnerships.
Available with the new Fitbit Ionic smartwatch, customers of the three big banks can link their Fitbit to their account and use it to make contactless payments on the go. Similar to your contactless card and other digital wallets, you can use the Fitbit to make purchases of up to $100 without the need of PIN authorisation.
The Fitbit Ionic has been partnered with Mastercard and Visa, so you can use it wherever Mastercard or Visa purchases are accepted (so, basically everywhere in Australia). You can also link up to six cards to your account, which will come in handy if you bank with more than one institution.
Using Mastercard or Visa’s token service, Fitbit Pay generates a unique alternative number for the 16-digit number found on the front or back of your card. When you make a purchase, your digital wallet sends the token to the merchant, which sends it to Mastercard or Visa for authorisation. Mastercard or Visa then sends the card number to the issuer, which receives the request and processes the payment. It sounds complicated, but you can expect the same secure and seamless transactions that you get with your contactless card or other digital wallets.
As well as payments, the Ionic will also come with fitness monitoring features, improved heart rate technology, swim tracking, a SpO2 sensor to track blood oxygen levels and health insights such as sleep tracking. The Fitbit Ionic will available from October and will set you back $449.95.
The new way to pay will create some fresh competition for the likes of Apple Pay, Samsung Pay and Android Pay, which have revolutionised digital wallets and already partnered with some of the big banks in Australia.
Picture: Shutterstock and Fitbit