Wrocław technology scans your EYES to make contactless payments
It may seem like science fiction, but a Wrocław company has come up with a revolutionary form of payment which scans your eyes.
The first company in the world to launch iris payment on the commercial market, PayEye scientists and IT specialists developed the biometric technology and microbanking system that operates the PayEye technology.
The technology takes a digitally scanned image of the iris which is then converted into a special code to authorize the payment.
According to co-founder Krystian Kulczycki, the system is quicker than contactless payments with a card, phone or smartwatch and you don’t have to worry about leaving your eyes at home.
He told TFN: “As pioneers, we feel responsible for creating something new, a complete payment system.
“We operate in the field of finances and payments, so not only do we feel a great responsibility but by implementing the PayEye system we use our driving force, which is the vision and the benefits of science, technology and experience of our team.
“We try to implement our idea of service and product, which increase the comfort and security of payments, in a method which is best for users and partners.”
Launched only a few weeks ago, the company has already received 10 million PLN in funding from the EU for ‘Industrial Research and development of a biometric payment system based on transactions confirmed by user identification through biometry’ to further develop the product and its availability.
Kulczycki said: “Compared to other manufacturers and distributors of devices, PayEye is the issuer of the payment instrument, the processor of the payment transaction and is a payment institution operating under license from the Polish Financial Supervision Authority (KNF) and has the status of a Small Payment Institution.
“All of these elements which have been integrated by us are PayEye's greatest competitive advantage.”
The company now plans to expand into 60 outlets across the country by September before making the eye-payment technology available across Europe.
So far, the company has introduced its payment solution into 30 locations across Poland.