Payment With Eye Method - Essay

Running Head: PAYMENT WITH EYE
PAYMENT WITH EYE
Name of the Student
Name of the University
Author’s Note

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Table of Contents
Executive Summary...................................................................................................................3
Product Summary...................................................................................................................3
Market Summary....................................................................................................................3
Three Year Projection............................................................................................................3
Key to success........................................................................................................................4
Financial summary.................................................................................................................4
Product & Services.....................................................................................................................4
Industry Overview......................................................................................................................5
Market needs..........................................................................................................................5
Market trends.........................................................................................................................6
Market Growth.......................................................................................................................7
Market segmentation..............................................................................................................8
Customers...................................................................................................................................9
Customer Segmentations:.......................................................................................................9
Competitive comparison............................................................................................................9
Major competitors..................................................................................................................9
Management teams:.............................................................................................................10
SWOT Analysis...................................................................................................................10
Marketing plan.....................................................................................................................12
Promotional strategy............................................................................................................12
Pricing strategy.........................................................................................................................13
Operations................................................................................................................................15
Financial Projections................................................................................................................17
References................................................................................................................................19

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Executive Summary
Financial technology also known as fintech is growing rapidly in the technology and
innovation sector and is aiming to deliver financial services with advanced technologies and
digital methods. The aim of the company is to overcome the traditional methods of payments
and use technologies in order to improve finance activities. Fintech has rightly identified the
needs of both consumers as well as businesses and has grown from mobile banking to crypto
currency investments to fintech’s broad applications. CB insights have discovered 41 VC
backed fintech which were worth $145.2 billion. Banks and financial institutions are
acquiring fintech start-ups as transactions are becoming easier and moving the industry
towards growth.
Product Summary
I – R is a biometric payment method, which uses the identification of iris or eye to
carry out financial transactions. I – R would also make consumers never require a password
for their electronic devices again. According to Ansoff’s diversification, it was analyzed and
concluded that I – R would fall under the product development strategy column because it is
a new product in an existing market. We are a team of 6 people and our company was
recognised in London in the year 2019. The company offers two products; I - R PAY and I –
R scan is for authentication.
Market Summary
I – R falls under the biometric authenticated system market. The market size of the
global biometric system is expected to grow from USD 33.0 billion in the year 2019 to USD
65.3 billion by the year 2024. The projected growth is at a CAGR of 14.6% during the
forecast period. Major factors that drives the market growth include the growing use of
biometrics in customer’s electronics devices such as smartphones to provide continuous
access over diverse applications, increase in the number of government initiatives in order to
embrace biometrics, increasing need for investigation and security due to the threats such as
terrorist attacks, and growing penetration of technology in automotive sector and initiated
applications.
Three Year Projection
The forecasted growth in the iris recognised biometric market is about 2 million in the
next 2 year. As the technology is highly versatile and adaptable, it finds its usage in all

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models and application where identity authentication is paramount. A latest report by ABI
researchers stated that the global shipment of the iris scanner smartphones will reach nearly
about $ 4.3 billion by the year 2024. Our targeted markets are B2B via banks and other
financial institutions and B2C via smartphones and other devices.
Key to success
Iris biometric comes with a unique feature that can be recognised from a distance
accurately and securely. As compare to other biometric models, this model has a remarkably
lower number of fail projection and false acceptance. Therefore it is a highly secured model
that comes with unique model and hygienic steps. It is known as one of the most reliable
biometric authentication system. The model is easy to use, it requires a person to stand still in
from of the camera and the process will be completed instantly. Hence, it has zero
complications and doesn’t require special environment and skills.
Financial summary
The iris scanning biometric authentication system has predicted a growth of 2 million
dollars in the next two years. The forecasted compounded annual growth rate of the iris
recognition model is 22.76% in the next 5 years. The company expects its major part of
profits from ATMs, Banks and other financial institutions. Besides, there will be adoption the
scanning automations in the healthcare sector, automobile sector and smartphones and
devices. Fintech companies have a part of these financial models for subscription based on
the revenue model and other with pay per use model. The targeted investors are private,
corporate and sovereign.
Product & Services
Iris Recognition (I- R) technology is being advanced with the collaboration of
superior accuracy of software technology and inexpensive performance of implanted camera
hardware. It uses pattern recognition technique, which is based on distortion-free and high-
resolution images of the iris. The procedure basically follows three steps one,
image capturing of the face of an individual, second, locating iris and third, image
optimization with the biometric temperament storage and matching. Various industries use
this product for identity assurance, security and safety of human beings. The company offers
two types of I- R products I- R pay which is used mainly for e payments and credit card
payments and the other is I- R scan, which is used in electronics, businesses and military for

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security purposes. The product can record the time and attendance of an individual and has an
auto zoom and auto scan feature that is used for easy and hygienic scanning.
Figure: showing how an Iris recognition scanning is done
Industry Overview
Market needs
The growing demand of highly secured environment and faster technology is what
expects the iris recognition market to grow and expand globally in the coming future. Market
size of the global iris recognition model is expected to grow from 2.3 billion dollars in the
year 2019 to 4.3 billion dollar in the next five years. The primary driving force for iris
authentication models in the market are the government organisations for highly
authenticated identification process and in the consumer electronic devices, such as
integration of the software in the smartphones. The by products for the iris recognition
market are tablets, wearable, notebooks, smartphones, laptops and scanners. There are high
demand from the governments, banking and finance, travel and military sectors for high
security demands.

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Figure: showing expected and projected revenue from Iris recognition scanning technology
Market trends
The increase in demand for exact patient identification and the need to reduce
healthcare frauds are one of the substantial factors that are driving the adoption of the iris
recognition technology in the health care sectors. Hospitals and healthcare services are
increasingly installing the biometric systems, such as iris recognition.
Evolution of current prevailing technologies and development of the multi-layered
authentication systems with incompetent costs are also projected to add worth in the growth
of the biometric technologies in banking and finance sector specifically, worldwide, by using
iris recognition.