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Herndon-based BioPay is cashing in on a deal worth as much as $1.5 million to equip supermarkets with biometric technology that allows shoppers to pay for groceries and cash checks by scanning a finger.
BioPay was hired by Lowe’s Food Stores, based in Winston-Salem, N.C., to install its systems in 108 supermarkets in North Carolina, South Carolina and Virginia by the end of this year.
The deal means more than money to the 6-year-old biometric company, which has had limited success with large-scale sales such as this one.
“It’s huge because what it does is give them credibility to other large chains, and obviously for them the big deal is to sell multiple-store sales,” says Stan Schatt, research director at Sterling-based research firm Current Analysis.
Specific terms of the deal were not disclosed, but it could be worth as much as $1.5 million in hardware, software and service fees. BioPay charges 15 cents for each purchase processed by the system just as a credit card company charges for transactions.
The per-transaction fee is based on the number of checkout lanes in each store. More lanes, lower per-transaction fees.
To use the system, customers must register their information with BioPay. The stores are responsible for collecting checking-account information, proper identification and index-finger scans.
After registering, the customer’s finger is scanned when it’s time to pay. BioPay verifies the customer’s information, approves the transaction, removes the money from the consumer’s bank account and deposits it in the store’s account.
raidersnewsupdate.com/lead-story40.htm
BioPay was hired by Lowe’s Food Stores, based in Winston-Salem, N.C., to install its systems in 108 supermarkets in North Carolina, South Carolina and Virginia by the end of this year.
The deal means more than money to the 6-year-old biometric company, which has had limited success with large-scale sales such as this one.
“It’s huge because what it does is give them credibility to other large chains, and obviously for them the big deal is to sell multiple-store sales,” says Stan Schatt, research director at Sterling-based research firm Current Analysis.
Specific terms of the deal were not disclosed, but it could be worth as much as $1.5 million in hardware, software and service fees. BioPay charges 15 cents for each purchase processed by the system just as a credit card company charges for transactions.
The per-transaction fee is based on the number of checkout lanes in each store. More lanes, lower per-transaction fees.
To use the system, customers must register their information with BioPay. The stores are responsible for collecting checking-account information, proper identification and index-finger scans.
After registering, the customer’s finger is scanned when it’s time to pay. BioPay verifies the customer’s information, approves the transaction, removes the money from the consumer’s bank account and deposits it in the store’s account.
raidersnewsupdate.com/lead-story40.htm
