Mastercard, RBC team up with Bionymn on wearable payments
05 November 2014 15:33 GMT

Bionym says the project represents the world’s first biometrically authenticated wearable payment pilot.

Canada's largest bank, the Royal Bank of Canada, and Mastercard have revealed joint plans to trial usage of the biometrics-backed wristband Nymi that uses a person’s heartbeat to verify payments.

The trial will involve electrocardiogram-authenticated payments before introduced before the end of the year, according to Bionym, the Toronto-based company that produces the Nymi.

“We’re continuing to work to provide customers increased choice how they pay,” RBC head of payment innovation Jeremy Bornstein said in a statement.

 “Once their wristband is activated, they can leave their phone at home while they go for a run or run an errand, and conveniently and securely buy a coffee or groceries with a tap of the wrist.”

Bionym says the project represents the world’s first biometrically authenticated wearable payment pilot.

Mastercard is also working on a biometrics-backed contactless payment card that features a fingerprint scanner with the Norwegian firm Zwipe.

In September, Bionym raised US$14m in finance for the Nymi, with participants including Export Development Canada, MasterCard, and Salesforce Ventures.

In July, Bionym also joined the FIDO (Fast IDentity Online) Alliance. FIDO standards will make it easier for web services to leverage the Nymi as a secure authentication mechanism, without passwords.

 

 

 

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