Dive Brief:
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MasterCard is getting into wearables with its pilot wristband project, a version of the Nymi band by Toronto-based tech company Bionym.
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The Nymi sells for $79, with security based on its ability to detect the wearer’s unique heartbeat. Each human heart has a rhythm that lub-dubs to a pattern as idiosyncratic as a fingerprint.
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The companies are focused on passwords, identification, payments, and security, but say third-party developers could add to the wristband’s capabilities.
Dive Insight:
With this project, MasterCard is entering two arms races: wearables and payments. This kind of thing can’t go on forever — right now consumers might carry around more than one card, but it’s unlikely anyone will be stacking up biometric payments wristbands in order to have their choice. Still, while the smartphone so far seems likely to dominate mobile payments for the time being, it’s interesting to see what tech is out there and who will start playing the game together.