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Nymi partners with MasterCard in launch of wearable payment program

MasterCardRingly MasterCard launched a new program at the Money20/20 conference in Las Vegas that will allow consumers to enable almost any device, from wearables to accessories including Toronto’s Nymi wristband, to pay by credit card.

Nymi’s wristband uses proprietary HeartID electrocardiogram technology to biometrically authenticate the wearer’s identity.

Other partners participating in MasterCard’s launch include fashion designer Adam Selman, Capital One, General Motors and their connected key fob, NXP, Qualcomm, connected ring maker Ringly, and Bluetooth locator TrackR.

MasterCard collaborated with multinational secure connection specialists NXP Semiconductors and Qualcomm Inc. to develop the technology that would allow MasterCard payments to be enabled across any mobile device.

“MasterCard’s initiative is a natural fit with Nymi’s vision of seamless and secure user experiences,” said Nymi founder and CTO Karl Martin. “Commerce is no longer restricted to stores, whether they be brick and mortar or online. The Nymi Band offers a new interface for secure authentication that can be applied to a broad range of experiences, enabling commerce anytime, anywhere. The next generation of integrated experiences is about ease and delight, where security can simply be assumed.”

The program is an extension of two existing MasterCard programs aimed at the Internet of Things payment market: the MasterCard Digital Enablement Service (MDES) and the Digital Enablement Express program, launched only a month ago.

The fusion of those two programs can enable any wearable, accessory or device to become a payment method for any MasterCard account.

“As more and more ‘things’ become connected, consumers will have endless possibilities when it comes to how they pay, and will need all of their devices to work seamlessly together,” said MasterCard Chief Emerging Payments Officer Ed McLaughlin. “This program eliminates the boundaries of how we pay by delivering a secure digital payment experience to virtually anything – rings, fitness and smart bands, car key fobs, apparel, and whatever comes along next.”

Capital One will be the first issuer to use MasterCard’s Digital Enablement Express program to roll out its Capital One Wallet, which authenticates users on their devices and provides real-time enhanced transaction notifications that also identify the particular device used in each transaction.

Earlier this year, Nymi collaborated with TD Bank Group and MasterCard to process the world’s first biometrically authenticated credit card payment.

MasterCard sees payment enabled mobile devices and products rolling out early in 2016 in the United States, with international markets to follow soon after.

https://www.youtube.com/watch?v=GSiBlFFwALU

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