Monobank launches wearable payment

It is now possible to use Monobank's credit cards with Garmin Pay and their compatible sports watches.

Monobank is a niche bank with digital forward leaning customers. They are innovative and like to stay up to date with the latest in fintech and payment solutions. Being able to offer a wearable payment solution is essential for us as a fintech bank, " says Bent Gjendem, CEO of Monobank.

A key element of Monobank's strategy is to utilize its established position as digital niche bank to develop innovative fintech solutions for loans, deposits and credit cards that improve the customers' banking and payment experience. Monobank's ambition is to quickly roll out and scale new and relevant solutions to its customers and partners. Earlier this week, Monobank launched Google Pay, and today wearable payment follows. Gjendem believes that plastic cards will eventually disappear and payment in the future will take place on mobile and wearables.

Our customers expect smart solutions. Wearable payment is convenient, efficient and secure. The number of bank terminals that accept contactless payment is increasing so fast, that you no longer have to bring your wallet to pay. We have built the bank so that it’s able to respond quickly to customer needs in the future. With these two substiantial launches in a week, I'm confident we've done something right that we will capitalize on going forward, " says Gjendem.

For further information contact:

Bent H. Gjendem, Chief Executive Officer at Monobank, phone: +47 996 11 996

About Monobank

Monobank ASA a is digital bank focused on consumer finance in the Nordics. Monobank is a cloud based bank with strong focus on customer experience and fintech solutions. Monobank is based in Bergen, Norway and started operation in November 2015. The bank has experienced strong growth and went profitable after only three quarters. The bank offers unsecured lending to qualified private individuals in Norway and Finland. The screening process is based on an automated evaluation system. Loans are granted up to NOK 500 000. The bank also offers attractive deposit rates on its savings accounts. Deposits up to NOK 2 million are guaranteed by the Norwegian Banks' Guarantee fund, of which Monobank is a member. Monobank is an independent bank with approximately 1 000 shareholders and was listed on the Oslo Stock Exchange's Merkur Market on 16th February 2017 under the ticker symbol MONO-ME. Monobank has been awarded with "Great Place to Work" twice since the start.