Bionym this morning announced a technology trial that ties their Nymi Band, a wearable device that provides identity based on the uniqueness of a wearer’s heart, to a MasterCard card for payment.
The trial will put customers and their existing accounts at Royal Bank of Canada (and other banks “soon”) at the forefront of technology by testing ECG-authenticated payments in Canada before the end of the year, says the Toronto-born company.
Bionym’s work is described as the world’s first biometrically authenticated wearable payment pilot and could result in faster, easier financial experiences with less risk, according to the Canadian company.
“Payments is a great use-case for persistent identity, because making the experience seamless for consumers is just as important as providing the trust and security that only you can authorize a payment with your account,” said Andrew D’Souza, president of Bionym.
“This could be unlike any other next generation payment mechanism,” he noted.
“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,” added Jeremy Bornstein, Head of Payments Innovation at RBC.
The announcement was made at Money2020 in Las Vegas, the world’s largest event for payments and financial innovation.
Bionym is has more than 40 employees working out of a new office space in downtown Toronto.