The payments industry is one of the fastest growing in Poland. According to a recent report by cashless.com.pl, the top one hundred companies in the payments industry had a turnover of almost PLN 7.6 billion, and their revenues increased by 10%. One of the branches that is starting to grow more and more is biometric payments, which are experiencing very clear year-on-year growth.
The payments market is one of the most rapidly growing segments of the economy. Its domain is innovation. These manifest themselves in increasingly convenient and secure payments that improve the shopping experience. For several years, the most popular forms of payment have included contactless payments in stationary stores and BLIK in e-commerce. However, biometric payments have grown most rapidly in the last twelve months.
Biometric payments are distinguished from others by the fact that to make a transaction in stationary stores they do not force us to take our phone out of our pocket, which later still needs to be unlocked and applied to the terminal, or to look for a wallet in our purse to take out a card and also apply it to the NFC reader. With PayEye, all you have to do is look at the terminal and the transaction is approved quickly, conveniently and securely.
– We started work on the PayEye system five years ago. It was an extremely complicated process, but thanks to determination and faith in our idea, we achieved success. In 2022, we were able to launch eyePOS 2.0, our second proprietary payment terminal that allows payments using the fusion of eye and face biometrics. Market interest in PayEye technology has exceeded our wildest expectations. On the one hand, merchants wanting to stand out in the market are very eager to sign up for our pilot, and on the other hand, users are starting to become more and more convinced of our solution,” comments Daniel Jarząb, CEO of PayEye.
Poles pay with a one glance
Poland is the first country in the world where you can pay for your purchases with a glance, during which two biometric patterns are identified – the eye and the face.
Initially, this service was only available in Wroclaw – PayEye, originated in the capital of Lower Silesia, and that’s where the fintech first developed its technology. However, already last autumn, residents of Warsaw and Poznan were able to use biometric payments.
– Initially, only residents of Wroclaw could use our terminals. We steadily increased the number of partners – stores, restaurants and other points where you could pay with a glance. Everything happened within Wroclaw – the city where we originated.In the autumn of 2022, we began to move to the next stage of our pilot, where we began to select partners, such as the Komputronik chain, among others, with whom we are preparing for a full commercial launch, which is scheduled just for the second half of 2023. That’s when our eyePOS 3 multifunctional terminal will be available, supporting all types of transactions, which will additionally be able to integrate with the checkout systems of large merchants,” says Daniel Jarząb.
In June, when the eyePOS 2.0 terminals debuted on the market, they were available at two points of sale. The growing popularity of this form of payment and PayEye’s strong expansion led to the fact that at the end of December the terminals were already available in 100 stores, restaurants, cafes and points of sale in Poland. Here it should be noted that this is the world’s largest infrastructure on which transactions can be confirmed with a single glance thanks to a combination of eye and facial biometrics.
In addition, PayEye reports that from June to December, more than 14,000 transactions were made on their eyePOS terminals. Which is also the best result in the history of payments using eye and face biometrics.
– Compared to the first version of our PayEye 1.0 technology, the pilot of which we completed in May 2022, in the last six months we have surpassed all the previously assumed indicators comparing the same periods. We increased the number of transactions by 1029%, the value of transactions by 111%, and increased the number of active users of our ecosystem by as much as 1870%,” says Daniel Jarząb.
2023 the year of biometric payments
– Our expansion beyond our hometown, Wroclaw market, has generated tremendous interest from potential partners. Brands around the world are looking for differentiators, innovative solutions with which they can attract new customers. We give them this opportunity right away. Look payment is currently the most modern and enthusiastically accepted payment system in the world,” comments Daniel Jarząb. We are also planning to enter foreign markets soon, including the US and the United Arab Emirates. Today, no one is asking whether biometrics will become the next payment approval method. The question today is how soon we will all start using it. We are also working intensively on the development of the eyePOS 3 terminal, which will eventually support biometric, contactless and traditional chip card payments. – Jarząb adds.
PayEye will launch eyePOS 3 terminals in the coming months, the world’s first multifunctional payment terminals that support all types of payments: payment cards, 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.
Users can enjoy special promotions and discounts. And merchants can advertise their products and services to PayEye users. All within a single application.
In 2023, payments using PayEye technology will also benefit online stores, which will additionally allow quick online payments, shopping management, creation of favorite lists of products and stores, shipment tracking and quick returns.
A great summary of 2022 for the Wroclaw-based Startup was obtaining one of the world’s most crucial biometric certifications, which confirmed that transactions with PayEye technology are completely secure. Tests conducted by an accredited laboratory, awarded PayEye and its technology the FIDO Biometric Component Certification.