One Million Consumers Sign Up to Use Biometrics for Financial Applications
Consumer Adoption Sparked by Convenience and Ease of Use
HERNDON, Va., April 19 /PRNewswire/ -- Biometric payments leader BioPay,
LLC today announced more than one million consumers have now enrolled in
BioPay's electronic biometric identification systems to conveniently and
securely pay for purchases and cash payroll checks. The systems' quick and
simple enrollment process, coupled with easy-to-use features, helped merchants
and consumers complete nearly 7.5 million transactions worth $3 billion
dollars. BioPay offers the nation's leading biometric payment and check
cashing systems.
"We have clearly shown that biometrics have become widely accepted for
payments and check cashing," said Tim Robinson, president, BioPay. "As a
result, we are building on the success and momentum by expanding our
technology to include other biometric applications; like pre-paid accounts,
for instance."
Earlier this month the one millionth consumer was enrolled in BioPay at
the Sterling Amoco gas station in northern Virginia. The franchise has been
using BioPay's biometric payment service since last year.
"Customers like the convenience of paying for gas, snacks and sandwiches
simply by scanning their finger," said Rich Gladu, owner of Sterling Amoco.
"Cash transactions are quickly becoming a thing of the past."
The benefits of biometrics
Consumers like biometrics for their convenience. With biometrics,
consumers do not need ID, cash, credit or debit cards to complete a
transaction. They can leave their wallet or purse at home. A consumer simply
needs to put their finger on the electronic scanner to verify their identity,
make a payment, or confirm their check cashing history. It's that easy.
Merchants use BioPay's biometric technology to reduce bad checks and
payment costs. Using Paycheck Secure, merchants can easily confirm a person's
check cashing history before a transaction is completed. If negative
information is noted, the transaction can be cancelled. In addition,
merchants using BioPay's biometric payment service can greatly reduce payment
costs. For example, BioPay costs about $0.15 (or 75% less) per transaction
compared with the 1.5 - 3.0% per transaction cost of credit card and off-line
debit (check card) transactions.
Convenient, low-cost payments and secure check cashing
BioPay began offering its biometric payment service in September 2003.
The system allows consumers to make purchases from their checking account
simply by scanning their finger at the check-out counter. No cash, checks,
credit or debit cards, nor ID are needed. BioPay began shipping Paycheck
Secure in June 2000. Since then, Paycheck Secure has become the market-
leading biometric check cashing system for merchants across the country.
Paycheck Secure uses a person's finger image to accurately identify the
individual and confirm their check cashing history.
As of April 2004, the systems have been used to successfully complete
nearly 7.5 million transactions worth $3 billion.
Easy enrollment
Customers only need to enroll in BioPay once, and enrollment can be
completed at any merchant that offers the biometric payment service. To
enroll, the customer gives the clerk his or her driver's license or other ID
for inputting into BioPay's database. At the same time, the customer's index
fingers are scanned. The customer's preferred checking account is also
recorded. The entire process takes less than a minute. Repeat customers can
quickly and conveniently pay for purchases with the touch of a finger.
Enrolling and using Paycheck Secure is just as quick and easy.
About BioPay
Since 1999, BioPay(R) has been providing smart, secure methods for
processing financial transactions. BioPay's payment service offers merchants
a low-cost form of customer payment and gives consumers a convenient, secure
and quick way to pay for purchases. Its Paycheck Secure(R) systems give
consumers a convenient method for cashing checks and help businesses
substantially reduce fraud. BioPay's patent-pending systems for merchants,
banks and financial service organizations have been implemented across the
nation. BioPay's value to consumers and merchants has created the nation's
largest commercial electronic biometric database. For more information on
BioPay and its market-leading products please visit biopay.com.
prnewswire.com
steve |
