Last November, we announced that we would be launching a wearable payment pilot with MasterCard® and participating Canadian banks. Flash forward eight months, and we are proud to announce the launch of the world’s first biometrically authenticated payment using one’s heartbeat. It happened on July 10th, and can be seen here: http://bit.ly/1M4YQLP.
Over the past few months, we have been extremely focused on enhancing the Nymi Band’s Core Experience, while working with trusted partners to explore and test various use cases for our technology. This first payment is a key milestone in achieving both of these objectives. The financial services industry presents several opportunities for redefining authentication, as banks are committed to enhancing both convenience and security for their clients while reducing the risk of fraud. With the Nymi Band, we firmly believe that security can be increased without the need to compromise on convenience. Users are biometrically authenticated using their unique electrocardiogram (or ECG), but this added level of security does not inconvenience users as they can easily make payments using existing contactless payment terminals.
To bring this pilot to life, we collaborated closely with a few key partners, including MasterCard and TD Bank Group. From a hardware perspective, we also worked with NXP Semiconductors to produce special-edition, NFC-enabled Nymi Bands. We demoed a few of these applications recently inside MasterCard’s Innovation Truck. In the future, we plan to work with these partners - and others - to explore various use cases within the enterprise environment. This may include wearable payments, but also physical and logical access, various applications within the healthcare space, and even geo-presence validation. Should you or your organization have interest in exploring these or other use cases, we’d be happy to chat.
We’re working hard to continue expanding the Nymi Ecosystem and look forward to future collaborations with our partners to build a Nymi-enabled future. Stay tuned for more exciting updates.