TORONTO, ON--(Marketwired - Aug 11, 2015) - Nymi™, in collaboration with TD Bank Group (TD) and MasterCard®, today announced the completion of the world's first biometrically authenticated, wearable credit card payment using one's heartbeat.
The first payment was made as part of a pilot on Friday, July 10th which can be seen here: http://bit.ly/1M4YQLP. Over 100 TD users in Toronto, Ottawa and Regina will be testing the Nymi Band's contactless payment functionality until the end of the summer, as part of this closed payment pilot. Other participating Canadian banks are scheduled to launch similar pilots later this year, and Nymi expects several thousand payments to be made using the Nymi Band during this time.
The Nymi Band is a secure and continuous wearable authenticator that identifies a user based on their unique heartbeat (or electrocardiogram) through proprietary Nymi technology called HeartID™. Nymi has developed an NFC-enabled prototype of the Nymi Band for these pilots, which is linked to a user's MasterCard. In doing so, participants can utilize the Nymi Band to make secure, contactless payments using Tap & Go™ payment terminals found at many retailers.
Karl Martin, Nymi's Founder and CEO explains, "Nymi's goal is to fundamentally change the way authentication is treated and to move industries towards a more secure and convenient identity model. 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."
"Over the past several years, TD has improved the customer experience by introducing a host of innovative digital enhancements allowing us to better address customer needs," says Chuck Hounsell, Senior Vice President, Payments, TD. "Working with Nymi's secure, customer authentication technology is an example of how TD is exploring new and innovative ways of bringing the next level of convenience to our customers."
"Wearable and mobile payments are becoming increasingly popular among Canadians and we're ensuring that every MasterCard transaction on the Nymi Band is safe, secure, seamless and convenient for our cardholders," said Jason Davies, Head of Emerging Payments, MasterCard Canada. "In partnership with MasterCard Labs and Nymi, we'll continue to invest in and explore cutting edge payment technologies."
Nymi and MasterCard collaborated with NXP, the world leader in secure chips for payment, to prototype NFC-enabled Nymi Bands based on NXP's SmartMX Technology. Nymi, MasterCard and TD will continue working together to innovate in the financial technology space.
Nymi is focused on delivering secure, continuous authentication solutions. The company's first product is the Nymi Band, a wearable device that delivers biometrically secured, continuous authentication experiences. The Nymi Band utilizes HeartID™ -- a proprietary technology that leverages the wearer's unique cardiac signature (or ECG) as a biometric identifier. Nymi is proudly based in Toronto, and was founded in 2011. For more information, visit www.nymi.com or find us on your favourite social media platforms.
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). TD is the sixth largest bank in North America by branches and serves more than 24 million customers in three key businesses operating in a number of locations in financial centres around the globe: Canadian Retail, including TD Canada Trust, TD Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD Insurance; U.S. Retail, including TD Bank, America's Most Convenient Bank, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in TD Ameritrade; and Wholesale Banking, including TD Securities. TD also ranks among the world's leading online financial services firms, with approximately 10 million active online and mobile customers. TD had CDN$1 trillion in assets on April 30, 2015. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
MasterCard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world's fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard's products and solutions make everyday commerce activities -- such as shopping, traveling, running a business and managing finances -- easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardCAnws, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.