This Wearable Payment Device Uses Your Pulse for Authentification
Alyson Wyers — April 16, 2015 — Tech
References: canadianbusiness & forbes
This wearable payment device moves beyond mobile banking to not just wearables, but biometric authentication technology. Described by Forbes as a buzzy wearable tech gadget worth investing in, the Bionym Nymi wristband uses your heartbeat to authenticate your digital identity. This offers extremely secure payments as your pulse is harder to forge than a PIN.
The pilot project is possible due to a partnership with MasterCard and the Royal Bank of Canada (RBC). Even though the payment device will be limited to existing MasterCard account holders, the wristband will not require wearers to have a connected smartphone on hand -- differentiating itself from Apple Pay.
Bionym CEO Karl Martin describes Nymi as the missing piece that adds security to virtual payments.
The pilot project is possible due to a partnership with MasterCard and the Royal Bank of Canada (RBC). Even though the payment device will be limited to existing MasterCard account holders, the wristband will not require wearers to have a connected smartphone on hand -- differentiating itself from Apple Pay.
Bionym CEO Karl Martin describes Nymi as the missing piece that adds security to virtual payments.
Trend Themes
1. Biometric Authentication Wearables - Developing wearable technology that uses biometric authentication to securely and conveniently manage personal finance and identification information.
2. Heartbeat ID Verification - Innovating ways to utilize biometric features such as heartbeat to provide safe and accurate methods of identification verification.
3. Disruptive Banking Technology - Creating new security methods and devices to enhance banking experience and offer convenience, speed, and an extra layer of protection.
Industry Implications
1. Wearable Technology - Develop and manufacture innovative wearable devices that implement biometric authentication technologies for various applications.
2. Digital Payments - Implement secure biometric authentication methods into digital payment platforms to increase convenience and security for customers.
3. Finance and Banking - Integrate advanced security measures such as biometric authentication into banking systems and applications to improve customer experience and security.
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