Canadian banks to test heartbeat bracelet for contactless payments
03 November 2014 | 19077 views | 0
Heartbeat authentication startup Bionym is to conduct a multi-bank trial of its wearable Nymi Band for contactless card transactions at the point-of-sale in Canada.
The trial will test the use ECG-authenticated payments with customers of Royal Bank of Canada (RBC) and other issuing banks before the end of the year.
The Nymi bracelet has an embedded sensor which recognises the wearer's unique electrocardiogram (ECG) and communicates their identity to their devices using Bluetooth.
In September, Bionym raised $14 million on the back of a pre-launch order book for 10,000 of its wearable bracelets.
Jeremy Bornstein, head of payments innovation at RBC, says: "We're continuing to work to provide customers increased choice how they pay. 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."
Earlier this month, MasterCard announced a partnership with Norwegian firm Zwipe to launch a contactless payment card with built-in fingerprint sensor. The biometric authentication replaces the PIN entry, thus enabling cardholders to make payments over and above the low-value limits typically applied to contactless transactions.