Fitbit Pay: everything you need to know about the new mobile payment service

The Fitbit Ionic is the first ever smartwatch from the company toting new fitness routines, a waterproof design so you can take it in the pool and built-in GPS so you can track your runs without your phone.

Fitbit's Ionic is also the first device from the company to be able to do mobile payments, meaning you can be out for a jog without your wallet or phone and still buy a bottle of water on the way.

Rather than using Android Pay, Apple Pay or any of the other mobile payment systems it uses its own called Fitbit Pay. Here's everything you need to know about the new alternative payment system.

How does Fitbit Pay work?

Fitbit Pay will work with all contactless payment readers. You'll be able to connect your account to your Fitbit Ionic and then tap your watch on the payment reader to complete a transaction in a similar way to Apple Watch or Android Wear devices.

The service may come to other devices in the future - such as the rumored Charge 3 and Blaze 2 - but right now it's just available on the Ionic.

You won't need any other authentication, but it's worth noting it won't be able to do big payments. In the UK transactions are limited to £30 and most banks in the US limit it to $50.

Will my bank be compatible with Fitbit Pay?

This is where it gets a little bit more complicated - Android, Apple and a few other services have struggled to get banks onboard with the mobile payment tech so it may take a while for your account to be supported.

Credit and debit cards from American Express, Mastercard and Visa will all be compatible, but the bank you use will affect whether you'll be supported when the service goes live.

At launch, compatible banks include ANZ, Banco Santander, Bank of America, Capital One, HSBC, KBC Bank Ireland, Royal Bank of Canada, and US Bank. Other banks that will support Fitbit Pay are sure to be announced soon.

When will Fitbit Pay launch?

Fitbit is expected to put the Ionic on sale at some point in October this year in the US, UK, Australia and a lot of other territories around the world.

Fitbit Pay is expected to launch at the same time as the Ionic, but it may take a bit longer for the company to roll it out to where you live. We'll try to keep this guide updated.