From cash and credit cards to watches and smartphones, up to the iris of the eye—new payment methods are evolving alongside retail and its customers. Experts from Exorigo-Upos and PayEye answer questions about gaze transactions and how they ensure customer data security. Together, they are implementing an innovative method in brick-and-mortar and online stores.
PayEye enables payments in physical stores by fusing iris and facial biometrics and providing one-click online store transactions. It is the world’s first commercially deployed solution of its kind.
To reach retailers effectively, the company has partnered with our firm. According to the latest RetailTech 2023 report, automation remains a key trend in retail for nearly 70% of surveyed individuals. An equal number of retailers plan to invest in IT as much or more than before.
Not long ago, reading data from the iris was associated more with sci-fi movies than everyday shopping. Today, it’s another step in retail development, continually seeking new ways to optimize purchasing. Besides reducing transaction time while ensuring maximum security, stores gain greater customer loyalty as users willingly use their applications. Automation, especially in the payment area, is a rapidly developing trend – says Anna Schabikowska, Board Advisor at Exorigo-Upos.
Individual biometric features of the iris and face are transformed into a unique, encrypted code linked to customer data and their payment card. The module is connected to the user’s account in the seller’s application, and user images are not stored anywhere. According to PayEye, gaze payments take 4.21 seconds. For comparison, the same operation using an NFC device, such as a phone, takes 21.95 seconds, and with cash – 40.4 seconds.
Despite the dynamic growth of commerce, one of the critical challenges retailers still face is store queues. Despite the presence of staff, queue management systems, or self-checkout counters, the service time still needs to be reduced. It’s important to remember that this is one of the main factors influencing customers’ in-store purchases. Our solution eliminates tasks such as searching for a wallet, card, or phone and issues with PINs. As a result, the entire process runs more smoothly, enhancing the shopping experience for consumers – Daniel Jarząb, CEO of PayEye.
The upcoming eyePOS three terminals, which PayEye plans to introduce to the market soon, will support all types of payments: biometric, contactless, and card. The choice of payment method will be up to the user, and at no stage of the process is there a need to involve store personnel. The success of eye recognition payments will be confirmed by a standard message on the terminal, and the transaction will immediately appear in the customer’s account.
Exorigo-Upos supports fintech in introducing terminals to large retail networks and develops an application for stores enabling hybrid payments – both biometric and traditional card payments. In this regard, the company leverages its experience in creating and developing the Cloud EFT payment hub, one of the few solutions worldwide with the highest level of encryption. It facilitates up to 4 million transactions daily.