Biometric payments – the new dot com?

Written by on November 17, 2014 in News with 0 Comments

Those of you yet to upgrade or buy an iPhone 6 or 6 Plus will not know the surreal joy of a device that maps your fingerprint, nor the science fiction-like pleasure of unlocking your phone by using your finger print.

This, of course, is ‘old hat.’ And the fact that JWT Intelligence is now focusing on payments says a lot about how important and how disruptive shift in payments is. This company Nymi has secured funding for a way of paying for things, using your heartbeat as authentication. Wacky? Maybe, but important.

 

‘Our (JWT’s) recent report on the future of payments and currency spotlights the rise of biometric payments—using a unique physical characteristic to authenticate transactions—which promise to greatly improve security and help remove friction. So far we’ve seen systems that rely on fingerprints (e.g., Apple Pay) and the palm’s unique vein payment (see Quixter). Now, the startup Bionym is exploring ways to harness its Nymi wristband, which uses the wearer’s unique cardiac rhythm as authentication, for payments.

Bionym is linking with MasterCard and the Royal Bank of Canada for a test in which an NFC chip in the wristband enables contactless payments. The company, which is looking to license its technology into other wearables, recently raised $14 million in a Series A funding round and has racked up 10,000 preorders for the Nymi.’

Follow JWT Intelligence: @jwtintelligence on Twitter

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