In the previous year one of the Polish startups from Wroclaw invented a unique type of payment that launches iris payment on the commercial market. It is a revolutionary form of payment that does not require having a wallet, payment cards or mobile phones to make transactions. The only thing you need to proceed a payment are your eyes. The special system scans your iris and creates a pattern that is later converted into a unique code to authorize a payment. Next, the form is stored in a base with the highest level of security. The system is based on accepting payments and confirming the identity of the equipment user with an iris scan. To make these payments you need POS terminals, which are special payment facilities and algorithms for the processing of iris systems.
https://www.telepolis.pl/fintech/cashless/mpk-wroclaw-payeye-platnosci-okiem
Why is it better than “traditional” types of payments?
This kind of payment is contactless, very quick, and safe, because it cannot be stolen, hacked, or duplicated in any way. Consequently, it is hygienic during pandemic times and may contribute to the time savings. Moreover, it is much more convenient than a “traditional” card payment, that requires finding a wallet, taking out the card and sometimes entering an additional pin. In addition, it creates its own eco system, which is a huge advantage for this startup due to its own payment transaction instrument and its processor.
How is this technology possible?
Every human- being has its own unique iris that makes individual characteristics special. Because of that, one of the Polish startups came up with an idea of creating a special kind of payment based on biometric authentication. Each iris is unique and there is no way that there will be two different people with the same iris. Every iris has 256 features which makes it different and increases the security of identification.
https://appadvice.com/app/payeye/1495986777
How to use it?
- At the beginning you need to download an app “PayEye” and create an account by entering your details and scanning your ID.
- Then you have to take a selfie and fund your virtual PayEye wallet. Currently, the balance of funds cannot exceed the equivalent of 8000 PLN.
- Next, you have to contact the company thet owns a POS terminal (e.g., a partner restaurant), because only they can create a biometric template.
- Now you are ready to proceed payments using your eye, because the system has already remembered your unique iris and has combined it with your virtual wallet.
Where is it possible to pay with eyes?
With an eye you can already pay in over 100 places in Wroclaw and nearby towns. So far, the company is focusing on local development, because in order to make payments, an appropriate infrastructure is required. This type of payment is not universally accepted, and transactions are only possible with partners of PayEye, so it will take some time to make this become widespread. The startup owner says that the first place in which he would like to make this type of payment available, apart from Wroclaw, will be Warsaw, and then other European, Asian, and North American countries.
Summary:
In conclusion, this type of payment is very promising and revolutionary. This is a breakthrough in banking that makes payments faster and easier. In my opinion, this can in the future replace the “traditional” card payments, because of its convenience and contactless.
Sources:
https://www.zadluzenia.com/payeye-platnosci-okiem/
https://payeye.com/en/eye-payment/
https://www.telepolis.pl/fintech/cashless/payeye-platnosci-okiem-nowy-terminal
https://www.digitalcinemareport.com/news/polish-cinema-first-offer-payment-eye
Amazing and very promising indeed! Being able to pay without using a card/ phone/ cash…. very interesting and out-of-the-ordinary idea. I really hope it will work out and in the future, we will be able to pay like that. Above all, you won’t forget to take your eyeball with you… :)))) and who will possibly steal it from you? – Security to the highest level! That’s the future of payments.
This can be very useful. Another payment method that will further speed up the payment process. Overall, it also appears to be a very safe means of payment, although this could change in the future.