Daniel Jarząb, Co-founder, CEO Europe’s payment processing solutions market is undergoing accelerated growth, fuelled by the increasing adoption of digital payment solutions. Biometric payment systems are preferred due to the increasing demand for a secure and convenient payment process, from which iris and face biometrics are considered to be more secure and hygienic. This is because, unlike fingerprints and handprints, iris and face biometrics/recognition are unique and non-contactable. PayEye uses this technology to facilitate a payment ecosystem comprising a mobile app, biometric eyePOS terminals and proprietary algorithms.
The company’s payment solution obviates the need to carry wallets, cards or cash, as the user’s identity can be verified with a single glance. It offers cutting-edge facial recognition and iris reading technology that provides an extra security layer against unauthorised use, theft and hacking. The technology has countless possibilities for implementing and utilizing multiple scenarios for payment processing and identity authentication.
“PayEye technology allows users to feel complete freedom, convenience and independence. With PayEye, human beings become both the identifiers and passwords, which is a tremendous advantage over traditional methods,” says Daniel Jarząb, co-founder and CEO of PayEye.
In terms of operations, PayEye is secure and easy to use. The eyePOS device can be either self-operational or staff-operated, depending on the business needs. The technology is also helpful for industries that need quick and reliable identification processes. It can even help personal device owners quickly unlock their devices without compromising on security. Relying on human traits that are impossible to fake, PayEye technology fuses iris and face biometrics to provide a secure payment system without the need for cards, phones, or passwords.
Developed as a groundbreaking technology, the company has the potential to revolutionise identity verification and authentication. This solution can replace both signature and identification processes while offering 100 percent confidence in accuracy and security.
Leading the way in biometric payments, PayEye’s wallet solution offers secure card payment authentication via iris and facial recognition using its patented biometric fusion process. After a rigorous process that tested PayEye’s eyePOS terminal through more than 300 different attack attempts with a zero attack acceptance error rate, the company achieved FIDO Biometric Component Certification.
At the heart of the entire PayEye ecosystem is its mobile app that empowers users to perform biometric transactions with a single glance and express online payments with a click. Merchants have access to the PayEye Zone in the application, enabling them to create personal offers for customers. This specialised system gives merchants the freedom to communicate with customers and promote campaigns for products and services.
PayEye technology allows users to feel complete freedom, convenience and independence. With PayEye, human beings become both identifiers and passwords, which is a tremendous advantage over traditional methods
One of the examples of the successful implementation of PayEye technology is at one of the largest water parks in Poland. This solution provides both the facility manager and the consumer with considerable advantages. Facility managers no longer need to worry about people leaving their phones or wallets in changing rooms, and customers can easily make orders and payments with just a glance.
PayEye’s payment intends to become one of the most secure and fastest options for completing transactions at stores, according to a study by Technology For Mobile—a spin-off company from the Nicolaus Copernicus University in Torun. The firm also researches mobile payment technologies. Their research included analysing a range of payment methods, such as cash, credit cards, NFC, and PayEye technology inside food service locations, and they found that payment by PayEye was one of the fastest methods available.
PayEye has developed a biometric eyePOS payment terminal, which enables users to complete transactions with a “single glance.” By utilizing a combination of iris and facial biometrics, this payment system offers a secure and user-friendly payment experience, the company says.
“Putting together our potentials will help us go down in history as innovators setting new trends in the global payment markets, from which – thanks to even greater convenience and security in the payment process – our customers stand to benefit the most,” says Artur Żymańczyk, country manager at Worldline.
The operation of the payment terminal involves real time generation of a unique code based on the user’s biometric data, which is then cross-referenced with the user’s original biometric template stored in the database. Customers can register for the PayEye Global application and link their payment card.
The eyePOS 3 terminal, which received its Payment Card Industry (PCI) certification last year, supports a wide range of payment methods, including NFC technology, QR codes, and traditional payment cards. The payment terminal features a 5.5-inch screen and runs on the Android 11 operating system, the company says.
In a recent development, Mastercard launched a pilot program for its biometric retail payment system in collaboration with PayEye, using iris and face biometrics. The retail stores will be outfitted with eyePOS terminals.
“For us, it’s yet another strategic partnership that brings us ever closer to launching a global expansion of our biometric solution, which, exactly like the biometrics most of us use to unlock our phones, will revolutionize the authentication of payments, offering even greater security and convenience for customers,” says Radoslaw Ruda, vice president of PayEye.