According to PaymentsJournal, PeasyPay was launched by EIT Digital within its Innovation Factory, where a number of EIT Digital Partners come together to launch a deep tech venture into the market. Moreover, the partnership behind the initiative – which has the codename 'Pay with a Smile' – includes two Spanish partners, Ci3 and Liberbank, two Hungarian ones, E-Group and OTP Bank, and Slovenia’s AV Living Lab.
The solution works by creating digital profiles of the customers’ palms and faces through the app (available on both Android and iOS) by taking a selfie and a picture of their palm with their mobile’s camera. Afterwards, consumers have to register their bank card details on an integrated, secure payment gateway. Regarding the in-store payment process, it is implemented by using a special point-of-sale (POS) machine, equipped with cameras and facial recognition software that scans customers’ faces and palms, while comparing them to the biometric template created in advance.
Therefore, if they match, the payment is authorised, and the amount is charged to the credit card registered in the payment gateway of the corresponding PeasyPay account. Besides, the PeasyPay solution has been designed to be fully compliant with all European regulations, especially GDPR and national data protection laws.
Furthermore, during the pilot phase only customers based in Hungary, Spain, Slovenia, and the UK are enabled to download PeasyPay from their local app store. However, by the end of 2020, the app will be rolled out globally, PaymentsJournal stated.
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