Nymi Band Secures Wireless Payments Using Your Heartbeat

Nymi, along with Toronto-Dominion (TD) Bank Group and MasterCard, launched the world’s first device for verifying payments using an individual’s heartbeat.

The group is currently conducting tests in live environments with 100 participants located in Toronto, Ottawa and Regina, Saskatchewan under a limited pilot program. Nymi plans to expand its program to more Canadian banks, including RBC Royal Bank, in the coming months.

The company expects thousands of payments to be made using the revolutionary gadget during the dry run.

“Nymi’s goal is to fundamentally change the way authentication is treated and to move industries towards a more secure and convenient identity model,” said Karl Martin, CEO of Nymi.

“By working with partners like TD and MasterCard, we are effectively demonstrating that continuous authentication can be a more secure and convenient way to make retail payments.”

Setting up the device starts with customizing an authentication profile. The band works like a traditional wireless transaction on NFC-enabled terminals. Using a light tapping motion, individuals can send their personal card information to the POS unit, where the payment is completed.

Using a person’s heartbeat shape for authentication pushes the boundaries of the frictionless payments experience. Compared to mobile transactions, a PIN or fingerprint scan is not required, easily eliminating one of the most frustrating steps in the process. Furthermore, there is no need to launch an app or unlock a screen.

“In enterprise, where security matters, multifactor authentication is a requirement, and all the tools, to be honest, suck,” explained Martin. “We’re in this position where the market is really ripe for multifactor authentication applications that work across physical and logical access. It’s our primary area of focus today.”

The Nymi Band can also be used to unlock computers, smartphones and desktops using its highly secure biometrics system.