Forgot your wallet and phone at home? For clients of Tatra banka, this is no longer a problem. The bank has launched four new contactless payment methods that allow you to pay with a watch, bracelet, or even a ring.
In addition to the usual Apple Pay and Google Pay, services Garmin Pay, Swatch Pay, DIGISEQ, and Fidesmo Pay have been added. This means you can now link your bank card to many devices with an NFC chip. According to the bank, the popularity of digital payments is rapidly growing: if in 2020 every tenth transaction was made via smartphone or watch, by 2026 it will be more than half.
How it works and who can use it
The payment technology is the same as with a regular contactless card. Inside the accessory — watch, ring, or bracelet — there is an NFC chip that transmits data to the payment terminal.
To set up payment, you need to:
Download the app from your device manufacturer (for example, Garmin Connect, Swatch Pay, Niceboy Pay, Tapster).
Sync the device with the app.
Add your payment card details.
Confirm the action in the Tatra banka mobile app via 3D Secure — usually using biometrics (fingerprint or Face ID).
There is one limitation: currently the service works only with Visa cards. This can be a debit or credit card of a fyzická osoba (natural person — an individual, including a sole trader), as well as a corporate credit card. Another nuance concerns devices without a display: only one card can be linked to a ring or bracelet, while several can be linked to a smartwatch.
The service is available for clients aged 15 and older who have the Tatra banka mobile app activated. In the future, the bank plans to open access for children from 8 years old through the TABI app.
Limits and security: the same rules as for the card
Although the ring has no keyboard, the rules for using the PIN code remain the same.
Up to 50 euros — payment is made without entering a PIN code.
Cumulative limit — you can make several purchases without a PIN code until their total amount per day exceeds 150 euros.
If the limit is exceeded or for a single purchase over 50 euros, the terminal will ask you to enter the PIN code of your card.
For example, after three purchases of 50 euros each, the fourth payment will require a PIN code. Daily limits for payments and cash withdrawals at ATMs can be set in the Tatra banka app. If you lose the device, the card can be removed from it anytime via the manufacturer's app.
Is this a revolution in the market
The innovation from Tatra banka is certainly convenient but not unique for the Slovak market. Here the bank is rather catching up with competitors. For example, Slovenská sporiteľňa already offers its clients payment with rings, bracelets, and key fobs, and recently even started testing payment using a special chip attached to a fingernail.
This step is part of the overall bank strategy aimed at transitioning to a "mobile-first" format. Tatra banka also announced that from November 13 it will limit internet banking capabilities for everyday operations, and all new features will be developed exclusively in the mobile app. At the same time, the bank increased the cost of cash withdrawal at the counter from 6 to 10 euros. This is a clear signal: clients who actively use smartphones get more convenience, while those who prefer traditional methods face higher fees and fewer options.
