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Jeopardy Answer: This Wearable Technology Company Facilitated the First Heart-Authorized Mobile Payment

By Alex Johnson
March 31, 2016
in Analysts Coverage
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How Much Do Your Customers Want To Be Hugged?

Beautiful Waitress Charging Customers Bill With A Credit Card Terminal

What is Nymi?

“Last week, Toronto-based wearable startup Nymi made history by completing the first biometric wearable mobile payment using its unique heartbeat authenticated Nymi Band.”

“Nymi’s payment pilot started on the fifteenth of July and runs until the end of the summer, and so far the response has been positive. According to Nymi’s VP of Marketing and Business Development, Shawn Chance, the participating merchants are most interested in the security aspect of the Nymi which uses your heart beat as a unique identifier and that the beta users are finding the convenience of paying with the tap of their wrist key.”

Apparently the pilot was well received by consumers, although they had a few questions.

“When it comes to heart beat authentication, Chance said that the most common questions they are getting are around activities that may increase your heart rate like drinking a cup of coffee or exercising and how that may impact the Nymi band recognizing the user. The answer is that it doesn’t impact it at all. The Nymi band doesn’t look at how fast your heart is beating, but looks its unique characteristics such as the size and shape of your heart which doesn’t change from a hard work out or a strong cup of joe.”

Alex, I’ll take “How many biometrics is too many biometrics?” for 1,000.

Overview by Alex Johnson, Director, Credit Advisory Service at Mercator Advisory Group

Read the full story here

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