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The identity wearables company Bionym (Mastercard portfolio company) have launched a pilot with Royal Bank of Canada. The device uses your heartbeat to authenticate a payment via an NFC chip in your Bionym bracelet. Pretty cool if you are out running without your Apple Pay enabled iPhone or old school wallet.
Existing Royal Bank of Canada (RBC) Mastercard users will begin testing the wrist-based purchases before the end of the year, with other banks announcing participation later, the companies say. The companies believe wearable authentication might create faster, easier financial experiences, with less risk. “We’re continuing to work to provide customers increased choice how they pay,” said RBC’s mobile payments head Jeremy Bornstein in a statement. “Once their wristband is activated, they 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.”
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