Last year in November Royal Bank of Canada pilot tested Nymi, a wristband that authenticates the wearer using their cardiac rhythm, equipped with an NFC chip for contactless payments. Neat, huh? It sounds super convenient, especially since you are authenticated as long as you keep it on and, to quote Jeremy Bornstein (head of payments innovation at RBC): “[the customer] 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”.
TD Bank has now jumped on the Nymi train and is piloting the technology in Toronto, Canada with more than 100 customers.
Chuck Hounsell, senior vice president of payments at TD Bank, says “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.”
More Canadian banks are scheduled to pilot the technology as well later this year.