SOURCE: Bionym

Bionym

November 03, 2014 08:11 ET

Bionym Announces World's First Biometrically Authenticated Wearable Payment Technology Trial

Bionym Will Use the Nymi Band in a Multi-Bank Trial to Test Contactless Payment Experiences at Existing Point-of-Sale Systems

TORONTO, ON--(Marketwired - Nov 3, 2014) - Bionym announces today its technology trial that ties the Nymi Band, a wearable device that provides persistent identity based on the uniqueness of a wearer's heart, to a MasterCard card for payment. The trial will put customers and their existing accounts at Royal Bank of Canada (RBC) and other issuing banks at the forefront of innovative technology by testing ECG-authenticated payments in Canada before the end of the year.

Bionym's work is the world's first biometrically authenticated wearable payment pilot, and could result in faster, easier financial experiences with less risk. Also, it demonstrates continued dedication to innovation from MasterCard, RBC and other participating issuing banks.

"Payments is a great use-case for persistent identity, because making the experience seamless for consumers is just as important as providing the trust and security that only you can authorize a payment with your account. This could be unlike any other next generation payment mechanism," said Andrew D'Souza, President of Bionym. "We are excited to work to bring the world's first biometrically authenticated wearable payment solution to market."

"Consumers need to feel that the payments experience is becoming ever easier and innovative," says Stephane Wyper, Vice President, MasterCard Labs. "Our work with MasterCard's customers with Bionym shows MasterCard's continued commitment to engage with startups in innovative trials to test new experiences for consumers and with our customers to gain learnings on ways to continue to improve security."

"We are excited to work with Bionym to put our patent-pending payment technology in the Nymi band, providing clients with more choice, convenience and flexibility in making everyday purchases," said Jeremy Bornstein, Head of Payments Innovation at RBC. "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."

Bionym announced this exciting payment experience at Money2020, the world's largest event for payments and financial innovation, in Las Vegas, Nevada from November 2-5, 2014.

Those interested in applying for the pilot can do so here: http://nymi.wufoo.com/forms/payment-pilot/

Contact Information