Wordline working on new payment method with PayEye. More details about RevPoints.
Fresh news combines revolutionary technologies and good old proven client retention approach. What's new in fintech? Read below.
Today, fintech is closer than ever to new achievements. Replacement of NFC with biometrics has been predicted a long time before, and developments in this direction have been also made, but when payment giant Worldline joined the process, it became clear that the prospects are not so hazy. They concluded partnership with PayEye that is at the heart of this development. PayEye positions itself as an innovative service in the world of payment systems and offers the ability to pay for purchases with just one glance, more precisely, by scanning the iris of the eye in combination with the face of payer. To use this technology, you need to download the application and link a card to it, from which the funds will be debited. EyePOS technology terminals will be used to make payments.
Technically, the process will be similar to tokenization. Since during the first payment in real-time using biometric data, a unique code will be generated. Then this code will be compared with the original biometric template during the payment process each time. Sounds very good, actually. The payment process today strives not only to be convenient and fast (which, of course, present), but also to limit any opportunity for fraudsters to disrupt it and use vulnerabilities for their own purposes. Biometrics is almost the only possible way to confirm with 100% certainty that payer is exactly the person of interest and that he is willingly making this payment. How widely this technology will be used in the near future — we'll see, but we are confident future is about something like this.
Meanwhile, Revolut is coming up with an old and well-tested technology — a loyalty program. Company announced release of RevPoints — a feature that rewards customers for spending on their debit card. For each spend, user will receive a certain number of "points", which can later be used as discounts on various goods and services, and even converted into miles for travel. Actually, the service is strongly focused on travel, and most of the possibilities for using RevPoints are associated with it. The program is currently only available in the UK, but its expansion to other countries may happen quite soon.
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