Technology For Mobile, a spin-off company of Nicolaus Copernicus University in Torun, specializing in the study of mobile payment technologies, checked the speed of various payment methods in food establishments. Cash, credit card, NFC and technology developed by PayEye were taken into account. It turned out that glance payments are not only very secure, but also the fastest.
The study used a proprietary video analysis methodology for static verification of the effectiveness of payment instruments. The research material was obtained from CCTV cameras and system logs from the dining establishments included in the study. A total of 463 transactions were measured, including 97 cash, 129 contactless payment cards, 128 mobile NFC payments and 109 gaze payments from PayEye. Researchers assessed the speed of transactions from the perspective of the customer and the merchant, and analyzed in detail the payment process, which is crucial to the flow of the entire transaction.
– “We have been successfully studying and optimizing shopping and payment processes in retail chains for 14 years. In this project, we included payments based on eye and face biometrics for the first time in testing. This was one of the most interesting challenges we have faced recently.” – said Michal Polasik, Ph.D., UMK professor, president of Technology For Mobile.
Payments in a flash
According to the study, the leader of payment instruments in terms of speed of the payment process is the technology developed by PayEye.
The process of “paying with a glance” in the dining establishments included in the study averaged just 22.96 seconds. Competing payment methods were significantly slower – contactless cards by about 2 seconds (24.93 seconds), and NFC mobile payments by more than 4 seconds (27.25 seconds). Last on the list were cash transactions, which took an average of as long as 47.86 seconds.
– “The survey conducted shows how innovative our technology is. Not only do we ensure the convenience and security of transactions by double-securing with a biometric profile, but we are also the fastest. The advantage of glance payment is that we don’t have to reach for a payment card, take our phone out of our pocket or look for cash. We simply direct our glance toward the terminal and pay. This is extremely convenient for users and merchants, who, thanks to this technology, can speed up the processing of transactions in their establishments and thus significantly reduce queues,” comments Daniel Jarząb, CEO of PayEye.
Espite its huge success and many advantages over other payment methods, PayEye is not slowing down for a moment. By the end of the year, it plans to launch eyePOS 3 terminals. These will be the world’s first multifunctional payment terminals, supporting all types of payments: credit card, contactless and biometric. Another novelty will be the PayEye Zone. This is a special zone where users and merchants will be able to communicate with each other using the PayEye ecosystem. All within a single application.