From: RegTech Analyst
PeasyPay, a bieometric-based payment company, is looking to expand its reach from its native Hungry to Spain, Slovenia and the UK.
The startup has developed a system that uses facial and palm recognition to make in-store purchases more secure and compliant with EU regulations.
The venture is a subsidiary of EIT Digital, according to Biometrics Update, and has rolled out its services in Budapest.
“The system is composed of three elements: a smartphone app for the customer (used only during registration), a smartphone app for the merchants, and the payment terminal,” Csaba Körmöczi, product leader at PeasyPay told Biometrics Update.
To use the solution, customers must first sign up to PeasyPay’s app, which is available on both Apple and Android devices.
The second part of the solution is an in-store device owned by the retailer. That device can perform scans and matches.
PeasyPay has trialled the system in Budapest since December 2019, and is now being piloted in Guadalajara, Spain. The company plans to launch it in Slovenia and the UK in the next stage of its roll-out.
Copyright © 2018 RegTech Analyst
