Royal Bank to test out Toronto company's Nymi technology + MORE Nov 10th

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Royal Bank is going to test out a product from Toronto’s Bionym that will allow its customers to pay for things using a high-tech wristband instead of a traditional credit card.

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Those who fall 60 days behind in credit card payments face an average penalty interest rate of 28.45 percent, according to CreditCards.com’s survey of 100 major U.S. credit cards

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Royal Bank is going to test out a product from Toronto’s Bionym that will allow its customers to pay for things using a high-tech wristband instead of a traditional credit card.

Continue Reading On cbc.ca »

TORONTO – You’ve heard of paying retailers with the tap of a smartphone, but Royal Bank thinks shoppers are ready to take another big step: wearing payment options on their wrist.
The bank has paired with Toronto-based technology developer Bionym to test a wristband called Nymi (pronounced Nim-ee), which identifies owners through their unique heartbeat and then lets them charge purchases to their credit card.
The device looks like a watch, and will soon grace the wrists of 250 RBC clients and staff under a pilot project in Toronto that runs through February.
Eventually, the bank hopes to roll out its RBC PayBand across the country.
Royal Bank (TSX:RY) is focusing more on payment technology in an effort introduce more options, said Jeremy Bornstein, head of the bank’s payments innovation operations.
“We’ve been keenly looking at the wearable space for quite some time,” he said in a recent phone interview from the Money 2020 financial innovation convention in Las Vegas.
“We’re quickly going to move past (the test period) to giving clients true choice — not only in what they pay with — but also how they’re paying…

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An entrepreneur wants to temporarily share a card processing machine with an established business while he gets his company up and running. Bad idea. But there are other ways to quickly begin accepting credit cards from customers

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