May 8, 2016 -
IrisGuard recently released its EyePay point-of-sale terminal (POS) for worldwide merchants of all sizes that utilizes iris recognition as the single payment modality for purchases, without requiring a card, pin, phone or token.
The EyePay solution was designed to operate with the IrisGuard end-to-end EyeBank system. The EyePay POS works with retail store cash registers and interfaces directly with existing EFTPOS or cash registers or can operate in stand-alone mode. The EyePay POS also includes managerial reporting, food basket inventory control and accounting capabilities.
According to a statement by the company, the device lets customers pay for goods by simply looking into the EyePay POS terminal and payments are then seamlessly executed in compliance with rigorous international banking standards. Your eye uniquely authenticates you and it cannot be stolen, lost or copied. The EyePay terminal employs state-of-the-art hardware encryption algorithms and built-in chipsets to ensure resilient financial transaction in addition to offering creative, immersive and engaging in-store customer experiences to “Pay with your Eye” at checkout counters.
The EyePay solution was also designed to serve refugees and unbanked persons in an effort to reduce fraud by ensuring that the correct beneficiary is physically present at the point of sale in a supermarket. The EyePay eliminates possible duplicate enrollments in food assistance programs and guarantees that food subsidies are provided to legitimate beneficiaries and their families.
The EyePay system is based on an Arm processor and bundles a range of standard connectivity with 512MB of RAM and a 1GB flash disk. Packed in a very small casing, the device completely implements IrisGuard’s iris image quality controls and countermeasures ensuring accuracy, speed and reliable field operations. The EyePay user interaction has been enhanced with the addition of a new 3.5″ resistive colored touch screen and a colored face camera.
The EyePay POS also permits unbanked persons to receive remittances, cash benefits and salaries in the blink of an eye. The EyePay POS meets the Know Your Customer (KYC) international regulatory banking requirements, ensuring that one’s allowance is received only to the intended beneficiary and not a potential “ghost” recipient. Once registered within the EyeBank solution by reliable providers such as United Nations humanitarian agencies, national government assistance programs using EyeCloud infrastructure, recipients can withdraw their allocated cash benefits reliably and at significantly reduced rates.
“Our sights are wholeheartedly focused on the global retail market with a particular attention to the Middle-East, Africa and the USA markets,” commented Imad Malhas, the founder & CEO of IrisGuard.