Digital wallet to support iris biometric retail payments from PayEye
PayEye, a Polish start-up providing iris biometrics-secured fintech, announced that it is partnering with fintech firm Advapay to support its retail payments with a digital wallet solution. PayEye’s banking platform is based on Advapay’s proprietary digital core Macrobank platform and will be unique as it features what the company says is the world’s first digital solution for retail payments secured by encrypted iris recognition.
The payment solution was announced after a successful trial period that began in mid-2020 and supports several key banking features. The payment system had reached 60 locations by December. Thanks to Macrobank, Advapay’s backend solution for merchants, the integration of PayEye’s biometric payments with Advapay’s digital wallet will support AML and KYC compliance, IBAN generation, funds transfers and payments, customizable branded online banking apps.
PayEye offers proprietary encryption software to secure biometric data. Its PayEye code encrypts iris patterns into a secure code, protecting the originally captured biometric data from theft and spoofing. The codes work with the company’s specialized POS portals, as well as Advapay’s digital wallet solution. The company also announced that the partnership will soon bring PayEye biometrics to ATM’s and e-commerce.
“Payments that you can make without a wallet, card, phone, or any other accessory is a direction in the financial world that can no longer be changed,” said PayEye CEO Krystian Kulczycki. “PayEye is a real payment revolution created by the team of experts from many fields. At first, we liked the solutions Advapay offered to us. This is one of the reasons why we also decided to collaborate with this IT team. Following the implementation, we can say that we genuinely appreciated the professional support and guidance.”
Clients can use the new service free of charge by enrolling in PayEye and setting up their iris biometrics. After the initial account setup, account information and iris data are encrypted and securely stored in PayEye’s database. PayEye promises to streamline commerce by allowing users to make payments at restaurants and stores using only their eyes.
Advapay Sales Director Gustav Korobov added “We are very proud to work with PayEye on such a revolutionary project that has introduced the world’s first iris-based biometric payment services. We are convinced that the implementation of this innovative solution will be a springboard for PayEye’s and Advapay’s new developments! We believe that our experience will further accelerate our company’s innovations and products throughout Europe.”