No one will be able to use the bracelet, except for the owner.
PrivatBank together with the Ukrainian startup MAWI Solutions, a developer of biometric bracelets, provided the payment bracelet MAWI Pay, which you can use to pay for goods and services without contact.
The device works on the basis of contactless payment technology Mastercard. So his owner can pay for any products, simply attach the bracelet to the payment terminal.
Recognition of the owner of the bracelet is occurring with an electrocardiogram. So, if the device is worn on the hand of a stranger, he will not be able to pay. Because the bracelet will not be able to identify it and disable the function of payments.
According to the developers, the definition of the individual ECGs can be compared with the accuracy of fingerprints. Thus, it is possible not to be afraid that in case of loss or theft of a bracelet, someone will empty the account of his present owner.
We have done a lot of research to be sure that the ECG is a unique biometric identifier. Our algorithms are trained to identify with high accuracy of only a few heartbeats. The recognition quality is affected neither by exercise, nor change a person’s age or stress
Ron Freedman, CEO of MAWI Solutions
PrivatBank and Mastercard worked on the creation and integration of payment solutions.
The prototype bracelet was presented on the international exhibition 2018 FinovateSpring in San Francisco. Soon technology will be validate in conjunction with Swiss researchers from the Idiap Institute in Martigny.