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.
Biometric Banking Wristbands
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