PayEye technology allows for modern biometric payments based on the fusion of iris and face biometrics. This year, the main prize in the Best Solution category went to the Polish company.
Data Economy Innovators Awards are granted to companies that demonstrate innovation, introduce new products or services, and achieve success in privacy protection and data security. Awards are granted in six categories:
- Best Digital Transformation
- Best Cooperation
- Public Sector
- Sustainable Development and ESG
- Leader of The Year
- Best Solution.
It was in the last category that the Wrocław-based company PayEye won. Best Solution is an award for technology companies for implementing an innovative tool in the database area.
How does it work?
PayEye technology allows for modern biometric payments based on the fusion of iris and face biometrics. Making payments is very simple. Download a dedicated, free application, create an account, take a selfie, and connect your payment card. Thanks to this, there is no need to take out cash, phone, or wallet when shopping. Payment will be made at a glance. By the end of the year, the company will introduce eyePOS 3 terminals to the market. These are the world’s first multifunctional payment terminals that support all types of payments:
- payment cards
The company attaches great importance to safety. Therefore, it does not permanently store eye and face biometric data in the form of photos in any of its infrastructure elements. It creates numerical patterns that are generated in real-time based on a unique image of the iris and face. So there is no need for photos for identification. Moreover, reversing the process, i.e., obtaining a picture of an eye or a face from a numerical pattern, is impossible.
After generating the pattern, data is sent between devices and the infrastructure with an always encrypted connection. Finally, the numerical templates placed in the PayEye database never leave it because all identifications occur on a server in a closed network, and the database itself is also encrypted. It is necessary to compare the biometric pattern (PayEye code) with the design saved during registration to identify the user and confirm the transaction.
Read more about Honey Payment, the best financial management application, here.