If MasterCard and Toronto-based tech company Nymi have their way, you won’t need to dig around in your wallet for your credit card any more. That’s because you’ll be wearing it on your wrist.
Nymi (formerly named Bionym) develops digital identity-based systems and launched its first product, the Nymi Band™, last fall. The flexible wristband uses biometric authentication technology to confirm a user’s “heart ID,” or unique cardiac signature, eliminating the need for pesky passwords.
MasterCard has teamed up with financial institution partners to pilot a new prototype of the Nymi Band that’s linked to a MasterCard credit card. It takes existing tap-and-pay technology – which doesn’t use authentication – to the next level. Retailers already offering contactless payments won’t need to upgrade their systems to accept Nymi Band payments during the pilot project, which is exclusive to Canada. ◊