Worldline has formed a partnership with PayEye based around biometric, cashless payments.
Per a report Thursday (July 25) from the website Biometric Update, the collaboration is designed to use biometrics to bolster security measures and reduce the risk of fraud and unauthorized transactions.
As the report notes, PayEye’s offerings include the eyePOS payment terminal, which lets users carry out transactions via a combination of iris and facial biometrics.
“Putting together our potentials will help us go down in history as innovators setting new trends in the global payment markets, from which — thanks to even greater convenience and security in the payment process — our customers stand to benefit the most,” Artur Żymańczyk, Worldline’s country manager for Poland, said in the report.
As noted here earlier this year, leveraging biometric information for authentication represents one of the latest frontiers in the continuing evolution of payments.
“Biometric authentication, while it exists for other aspects of our lives, is not a huge thing at this stage for payments — but as far as payments goes, it is the future,” Marc Hopkins, vice president at E-Complish, told PYMNTS.
And although biometric authentication for payments isn’t yet ubiquitous, that report argues, the technology is poised to reshape how consumers make payments.
“The ability for a customer to go buy a cup of coffee and not have to have to whip out their phone or their wallet, to simply just place their finger and scan to process a payment is ideal,” Hopkins said. “We currently are pretty much a cashless society, so you can think of bio payments as making us a cardless and eventually phoneless society.”
And unlike stolen cards or compromised passwords, biometric data is inherently linked to an individual and much harder to replicate, meaning that the adoption of biometric payments is expected to be swift, as consumers demand both convenience and heightened security.
“Companies are spending thousands, millions, collectively billions on fraud prevention. Biometric payments can help reduce that cost,” said Hopkins.
Worldline last week formed a partnership with intelligent vending machine company Selfly Store, working with payment expert Antenor to integrate a contactless payment solution with Selfly’s machines, which are designed to provide an autonomous meal/snack solution for venues such as hotels and offices.
“Crafted by payment expert Antenor on Worldline’s full payment offer, the solution incorporates a series of unattended terminals, Worldline’s omni-channel acceptance platform and Worldline’s international acquiring solution,” the companies said in a news release.