The first payment was made as part of a pilot. Over 100 TD users in Toronto, Ottawa and Regina will be testing the Nymi Bands contactless payment functionality until the end of the summer 2015, as part of this closed payment pilot. Other participating Canadian banks are scheduled to launch similar pilots later in 2015, and Nymi expects several thousand payments to be made using the Nymi Band during this interval.
The Nymi Band is a wearable authenticator that identifies a user based on their unique heartbeat (or electrocardiogram) through proprietary Nymi technology called HeartID. Nymi has developed an NFC-enabled prototype of the Nymi Band for these pilots, which is linked to a users MasterCard. In doing so, participants can use the Nymi Band to make contactless payments using Tap & Go payment terminals found at many retailers.
Nymi and MasterCard collaborated with NXP, a provider of secure chips for payment, to prototype NFC-enabled Nymi Bands based on NXPs SmartMX Technology. Nymi, MasterCard and TD will continue working together to innovate in the financial technology space.
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