As you may have heard at Money2020 today, we announced that we are doing a payment pilot later this year with MasterCard and RBC, along with other issuing banks. The trial will see a new prototype Nymi BandTM tied to a MasterCard Credit Card for payment. The pilot project will take place exclusively in Canada before the end of the year.
This pilot will put everyone involved at the forefront of innovative payment technology as we pioneer the world's first biometrically authenticated wearable payment solution.
This payment experience is an excellent pilot for persistent identity and will result in faster, easier financial experiences with less risk. The Nymi Band requires a single authentication, using your unique ECG to confirm your identity and will then remain activated until it is removed.
"What's out there already is the tap-and-pay, which has no authentication," said our CEO, Karl Martin in an interview with Canadian Business, "So in the case of contactless payments where somebody else uses your card, the onus is on you to notice that your card is gone, and then deactivate it. What we're trying to do is build a higher level of trust, so that in the long term you can reduce fees and make contactless payment a more trusted transaction. Compared to what's out there today, we're certainly offering a higher level of security or trust."
This payment pilot will build off existing standards for contactless payment and creates extensions on users existing cards. That means that this experience will work with all retailers that support contactless payments today, no changes required.
This also seems in-line with the future of payments, where cash disappears and next generation payment technology slowly takes over. In fact, cash is only used for 10% of interactions here in Canada.
Would you like to be a part of this payment pilot?
Sign up here: http://nymi.wufoo.com/forms/payment-pilot/