MasterCard and other companies will verify the user's ECG for payment
Bionym, a Canadian manufacturer of wearable security devices called Nymi, is teaming up with MasterCard and Royal Bank of Canada to test your heart beat to verify payment. The Nymi wristband authenticates the user's heart rate without using a password and PIN. Bionym said in a statement Monday: "The trial will allow Royal Bank, Canada's largest bank, and MasterCard and their customers to use the technology to test ECG for verification payments by the end of this year."
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Jeremy Bernstein of the Royal Bank said in a statement: “We will continue to work hard to provide customers with more choices to make payments. Once their wristbands are activated, they can leave their mobile phones at home. They can easily and safely use the wristband to buy coffee or groceries.†Bionym said that its Nymi wristband is the world’s first biometric wearable payment pilot. It believes this technology may lead to faster, more convenient financial payments and less risk. The Toronto-based company recently raised $14 million in funding, including Qiming Ventures, MasterCard, Relay Ventures and Canadian Export Development Corporation.