PayEye`s solution is an ecosystem consisting of proprietary POS payment devices, an electronic wallet for users, and algorithms that convert the iris into a biometric pattern. In the near future, the solution will also support ATMs and ecommerce.
PayEye has implemented Advapay`s Digital Core Banking platform Macrobank in order to create electronic wallets, payment accounts, and IBANs, as well as to integrate a KYC/AML solution, payments, and a branded online banking app.
To use the system, merchants first need to enrol in PayEye. Then, PayEye customers have to set up their accounts for eye payments using Advapay`s Macrobank platform. All the information is stored in the PayEye database in an encrypted form. However, PayEye does not store the actual scan of the eye’s iris, but only a code that is used for payment. To start shopping, customers only have to top up their account.
When making a purchase in a registered store, customers look at the screen of a payment device equipped with a special camera. The device compares the iris biometrics with the unique PayEye code given to the user and authorises the payment.
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