After Apple Pay and Google Wallet revolutionized payments with NFC technology, something new is in the market now. Until now, you have seen people buying coffee using credit cards and tapping their smart watches to buy clothes. However, don’t be surprised if you see people tapping their wrist to make payments. A new technology from a Canadian company called Nymi now enables biometric authentication of payments through its product, Nymi band. Nymi band is the most advanced wearable in the industry today.
The big news is that Nymi announced its first successful credit card payment using a person’s heartbeat as a part of its pilot in July. Nymi has also announced its partnership with MasterCard and TD Bank Group to launch the technology in the market. After the successful pilot, TD Bank Group and other participating banks will initiate similar pilots and tests. The Royal Bank of Canada had already initiated the pilot that ran through February 2015. It included 250 clients, RBC’s staff and 45 merchants and worked with MasterCard only.
To leverage NXP's SmartMX Technology, Nymi and MasterCard have collaborated with NXP to prototype Nymi bands with NXP’s technology in MasterCard Labs in Canada. Speaking about the prototype, Jason Davies, Head of Emerging Payments at MasterCard, said that they are ensuring every MasterCard transaction on the Nymi Band to be safe, secure, seamless and convenient for MasterCard cardholders.
The Nymi band works on its proprietary technology, Heart ID. Heart ID’s algorithm uses a user’s electrocardiogram (ECG) as a unique biometric identifier. ECG of a user’s heartbeat becomes the unique signature for the payment. Nymi is not selling the wristbands to the customers yet, but it has started shipping the Nymi Developer Kit for $149/kit to the developer community to build applications around the technology and the product.
Nymi Inc., formerly known as Bionym Inc., was founded in 2011 in Toronto. Nymi received a $1.4 million seed funding in 2013 and $14 million Series A funding led by Ignition Partners and Relay Ventures in September 2014. Karl Martin is the CEO and Founder of Nymi. Karl has an electrical and computer engineering background and he has served as a CEO for KMKP Engineering in the past. We at LTP are now eager to watch Nymi’s success as it launches in Canada and in North America in the future.