Fintech Business Plan: Payment with Eye for I-R Technology Analysis

This project outlines a detailed Fintech business plan centered around 'Payment with Eye', a biometric payment method leveraging iris recognition (I-R) technology. The plan includes an executive summary, product and market analysis, three-year projections, and key success factors. It explores the market need for secure and efficient payment solutions, analyzing market trends, growth potential, and segmentation. The plan details the product's features, industry overview, and competitive landscape. It covers marketing and promotional strategies, pricing models, operational considerations, and financial projections, including revenue forecasts and investment opportunities. The management team, SWOT analysis, and customer segmentation are also presented, providing a comprehensive view of the business's strategy and potential for success in the Fintech industry. The analysis includes financial technology, market trends, and the application of the I-R payment system in various sectors.

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

1PAYMENT WITH EYE
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.

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Figure: showing demand of Iris Recognition scanners in various sectors.
Geographically, North America holds the major part of revenue generated by the Irish
Recognition technologies due to the presence of prominent players and high investors in the
R & D activities. These are the major reason for the development of advanced technologies in
this region. Also, increase in number of cyber-crimes, terrorist attacks and other illegal
activities have led to the demand of highly secured environment, which requires biometric
technologies like iris recognition scanners. Furthermore, the implementation of iris
recognition on the US border would also fuel the growth of the iris recognition models.
Figure: showing regions with high growth in the demand of the Iris Recognition technology
Market Growth
Iris Recognition uses infrared imaging, which has been growing and has experienced
a strong technological innovation from the year 2005. Though the iris recognition uses
expensive technologies the purpose of building the model is governmental uses and military
uses. According to the recent reports, Iris recognition will observe an immense growth in the
stand alone devices such as mobile phones, tablets, laptops and many more. Growth in the iris
recognition market would be from 7.9 million in the year 2015 to 55.6 million annually by
the end of the year 2024. The cumulative shipment will reach somewhat about 262.8 million
by 2020, with a compounded annual growth rate of around 24%.

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Figure: showing growth in the Iris global market
Market segmentation
According to the market researchers global iris recognition market will be segmented into
three major types of end users:
1. Government: Government sectors are using iris recognition biometric scanners for the
purpose of accurate real time identification. The growing demand of such technology
in this department was due to incidents of violent activities and frauds. Hence, since
the year 2016 this sector has been widely adopting the iris recognition biometric
technology.
2. Transportation: Various airports and seaports are looking for increase in the
implementation of iris recognition biometric technology due to cross border
programs, which has led to the market experiencing high revenue growth in this
sector. This would enhance the verification system for passengers and make it more
efficient, besides it is also being embedded in visas and passports of an individual.
3. Healthcare: Healthcare is one of those sectors which requires patient privacy and high
security. Hence, installing iris recognition scanning technology would become one of
the key reasons for the growth of revenue in this sector. Iris recognition technologies
will lead to decrease in the number of healthcare frauds, inaccurate patient
identification and medical identity theft.

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Customers
Customer Segmentations:
Banking services: Due to increase in digitalisation, online payments are increasing in
demand, which is leading to increase in fraud in the market. Online payment though less
secured, is more demanded due to the ease in transaction, which is less hazardous. Banks are
focusing on making these payment more secure by the instalment of iris recognition
technology in their system.
Standalone devices: Standalone devices such as mobile phones, laptops, tablets and many
more are used by individuals for their private transactions or conversations which require
high security from public and other peers and friends. Hence, Standalone devices are looking
forward for installation of these iris recognition technology in order to have advanced
security software in their systems.
Business Entities: Business entities for making daily attendance easier and faster are using
biometrics. Iris recognition biometric scanning is one of the most effective biometric used by
big corporates for easy attendance and authentic employee records.
Healthcare: Healthcare is one of those sectors which requires patient privacy and high
security. Hence, installing iris recognition scanning technology would become one of the key
reasons for the growth of revenue in this sector. Iris recognition technologies will lead to
decrease in the number of healthcare frauds, inaccurate patient identification and medical
identity theft.
Figure: showing the growth of iris demand in healthcare sector over the years

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Airlines: Various airports and seaports are looking for increase in the implementation of iris
recognition biometric technology due to cross border programs, which has led to the market
experiencing high revenue growth in this sector. This would enhance the verification system
for passengers and make it more efficient, besides it is also being embedded in visas and
passports of an individual.
Competitive comparison
Major competitors
Globally, people are becoming more safety conscious and the demand for the security is
growing extensively. The demand for biometric authentication devices are increasing across
governments, health care sectors, financial institution, consumer electronics and automobile
sectors. Thus the market has attracted a large number of competitors into the market. Some of
the major key competitors are as follows:
- Cross Match Technologies Inc.(HID Global),
- SRI International Inc.,
- Thales Group (Gemalto NV),
- Honeywell International Inc.,
- Iritech Inc.,
- Iris ID Inc. and
- Safran SA among others.
In April 2019, SRI international was issued an award by SOSSEC Inc. for their Night
vision and Electronic Sensor Directorate mission. Couple of months back in February, 2019,
a leading global provider of iris recognition scanner, Iris ID, provided an all in one solution in
its model named iCAM D1000.
Management teams:
The management teams involved in the process set-up are:
- Information Technology team
- Human resource team
- Marketing team
- Operations team
- Inventory team
- Promotion team

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- Technical team
- Research team
SWOT Analysis
SWOT analysis or SWOT matrix is an effective strategic planning technique used by
start-ups and existing business entity. This method is useful for determining the current
position of your entity and analyse the various pros and cons present in the external and
internal environment of the entity. SWOT stands for Strength, Weaknesses, Threats and
opportunities. Where strengths and weaknesses analyse the internal environment of the
business and threats and opportunity analyses the external market of the business. Iris
recognition authentication technique is a biometric scanner use for secured, accurate and
hygienic transactions. SWOT analysis for the iris recognition authentication environment is
as follows:
S- Strengths:
The demand of biometrics have seen an extensive growth over the past few years. From
healthcare sectors to banking and finances to smartphones, biometric scanning is getting
adopted rapidly. Iris recognition biometric is one of the greatest innovation in the biometric
scanning sector, with more secured and hygienic processes.
- The iris recognition biometrics do not require any physical contact while scanning.
Hence, sanitation issues do not arise.
- It is one of the most accurate biometric till date, with least number of false or failed
cases. Hence, it stands out with an accurate matching performance.
- It has advanced software and optics that can capture pictures from distance.
- Iris of an individual is protected by cornea, which allows it to stay same even when
people start to age.
W- Weaknesses
- Complicated model which requires highly advanced technologies and skilled
employees.
- Iris recognition scanning tool cannot operate with a regular camera and requires IR
light sources and sensors, which makes it a costlier deal for the businesses.
- Visible light needs to be adjusted in order to maintain high accuracy, which might
require a lot of adjustment and become a burden for some organisations.

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These are some of the various weaknesses that the iris recognition scanners have, which
can be overcome with advanced technologies and efficient manufacturing techniques.
O- Opportunities
Iris Recognition technologies come in a market where digitalization has taken up the
major share in the market and ease to work is promoted. Iris scanning technologies have a
very high demand in market and is expected to grow by compounded annual rate of around
22 per cent.
- High demand in almost all the sectors in the market from military to banking and
finance to smartphones and electronics.
- High demand attracts huge investments from government and other financial
institutes. Hence, the company can invest in R & D activities and enhance the model
with latest technology and features.
- Growth in technological sector would help in creating better and advanced model for
Iris scanners.
- Financial institutions like banks are looking forward to the development of the model
in cards and e payments for making transactions easy and accurate.
T- Threats
- The threat in the iris recognition authentication technology would be that it has a large
amount of suppliers in the market, which makes the competition in the market intense
and fierce. Four major competitors in the market are Cross Match Technologies Inc.
(HID Global), SRI International Inc., Thales Group (Gemalto NV) and Honeywell
International Inc. Every time a new start-up come in this sector it has to come with its
own unique selling point to sustain and grow in the market.
Marketing plan
Fintech iris cannot market their products on online or social media as this would make
the marketing technique ineffective and waste a lot of time and resources. Hence, the
company should use on-point marketing technique to reach only the targeted customer
segmentation.
Our targeted customers are governments bodies, healthcare, military, technological
department, standalone devices and airlines. These are big corporates who would not reach
out for social media promotions and hence the effective marketing strategy for iris

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recognition technology would be to hire marketing experts for each segmented customer who
would reach the targeted customers and display the technology.
Promotional strategy
As the targeted customers are interested in on point result, they would look forward
on how installing this technology would help them grow their revenue and advance their
products. Therefore the promotional strategy for iris recognition technology would be
highlighting the strength of the product and pitching it to the targeted customers according to
their needs and requirements
Public relations, helps in boosting an organisation’s credibility and creates various
trusted intermediaries which helps the organisation to create strong networks. Good public
relations help the organisation to promote its products and services better. The company can
use this technique in promoting the Unique Selling Point of their iris recognition technology.
Website strategy, would allow in creating awareness about the product in the public and
would mainly help in attracting operators. This technique would give the company a
competitive edge
Pricing strategy
Iris recognition technology, for a financial transactions advancement plan can take up
three following price approaches which are as follows
- Competitive pricing
- Value based pricing
- Penetration pricing
Competitive pricing is used on the basis of the trends in the market. It is highly dependent
on the direct and indirect customers in the market. Competitive pricing is an effective
technique to set the price in the start and launch the product to take a competitive edge.
Penetration pricing technique is used depending on the customer’s service plan. There are
various targeted customer segmentations each with different needs and purposes. Hence, to
understand the customer’s need and spending limit and then deciding the price of the product
is called penetration pricing. Whereas, value based pricing technique can be defined as
pricing the product on the basis of the customer’s plan, it depends on what extra benefit the
customer is looking for. For example premium features and sponsorships.

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How to charge
Customers will be charged on the basis of the following parameters:
- Installing the iris recognition software
- Setting up the technology in an electronic device
- Transactions made
- Type of transaction
- Extra charges for premium features separately
Time based charges will be applied as follows:
- Annually
- Semi-annually
- Quarterly
Brand Positioning
The brand positioning can be done as follows:
- The promotional appeal can be done in an emotional manner in order to capture the
emotions of customer and give them a feeling of secured financial transactions and
help in building their trust.
- Make the public understand the differentiating features of the technology and
demonstrate the features well as this would be the unique selling point of the company
and distinguish the brand.
- The offering or the appeal should be done in a form of a solution, where the
customers would be believe in the technology and understand how it will help them
growtheir businesses and security.
The following considerations are to be noted for positioning of brand:
- Media coverage
- Promotional tools
- Financial budget
- Product class
- Brand’s present goodwill in the market
- Competitive landscape

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The profit margin should be calculated before launching the product with the help of cost
benefit analysis and ratio analysis. The financial and operational leverages should be taken
note of as it is essential to calculate the break-even point with the help of payback period of
completion of the business project. The profit margin should be analysed properly and only if
it lies in the mid to high level, then only the product should be considered launching.
Comparison with competitors:
Category Iris ID Inc SRI
International Inc
Honeywell
International
Inc
Cross Match
Technologies Inc
Product type Provides products
iris access system
Provides products
iris access system
Provides
products iris
access system
Provides products
iris access system
Pricing strategy Penetration Pricing Competition
pricing
Benefit driven
pricing
Penetration pricing
Brand positioning Brand is positioned
on the basis of
customer scale with
the help of LG
Electronics tool.
Brand is
positioned on
technological
assisting
companies
Brand is
positioned on
various e-
commerce
platforms and
banking tie ups
Brand is positioned
in all websites and
just for secure
payment.
Market segment All sorts of high
class and medium
class consumers
All sorts of
diverse
consumers
All sorts of
high class
consumers
All sorts of
medium to high
class consumers
USP Advanced features
with premium
picture quality
features
Products with
night visions and
Electronic Sensor
Directorate
mission
Easy secured
payment, easy
less time
consuming
technology
Easy secured
payment, with iris
sensors
Product benefits More Average More Less
Degree of
competition
High High High Medium

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Bargaining power
of buyers
Low Low Medium High
Bargaining power
of suppliers
Low Low Low Medium
Operations
Product and 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
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.
Manufacturing technique
The product will be manufactured with the help of a software development cycle. It
would be an integration of software coding languages and hardware advanced cameras to
capture good quality image to enhance security. It would require collaboration with the IR
related light and sensors. The steps included in the process are setting up certain goals and
identifying the risks and the degree of uncertainty of that risk. Based on this, a detailed
analysis is to be done and prototype models are to be structured. Then a risk evaluation would
be initiated through each prototype. Finally, after deciding the relevance of the prototype and
the risk analysis, the plan would be executed.

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Figure: spiral development process
Sources of technology
- Image acquisition technology
- Segmentation and normalisation software
- Feature extraction software
- Decoding data software and matching
Financial Projections
3 year forecasted balance sheet
Particulars
Year 1
(’00)
Year 2
(’00)
Year 3
(’00)
Year 4
(’00)
Year 5
(’00)
Current Assets:
Cash And Cash
Equivalent
$
5,000
$
6,000
$
7,000
$
7,500
$
6,000
Trade Receivables
$
15,000
$
12,500
$
14,000
$
14,500
$
15,000
Total Current Assets
$
20,000
$
18,500
$
21,000
$
22,000
$
21,000
Non-Current Assets:
Fixed Assets
$
30,000
$
35,000
$
40,000
$
41,000
$
42,000
Total Non-Current
Assets
$
30,000
$
35,000
$
40,000
$
41,000
$
42,000
Total Assets
$
50,000
$
53,500
$
61,000
$
63,000
$
63,000

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Current Liabilities:
Trade Payables
$
4,000
$
4,500
$
6,000
$
6,500
$
7,000
Total Current Liabilities
$
4,000
$
4,500
$
6,000
$
6,500
$
7,000
Non-Current Liabilities:
Bank Loan
$
30,000
$
30,000
$
30,000
$
30,000
$
30,000
Total Non-Current
Liabilities
$
30,000
$
30,000
$
30,000
$
30,000
$
30,000
Total Liabilities
$
34,000
$
34,500
$
36,000
$
36,500
$
37,000
Equity:
Shareholders’ funds
$
5,000
$
5,000
$
5,000
$
5,000
$
5,000
Retained Earnings
$
11,000
$
14,000
$
20,000
$
21,500
$
21,000
Total Equity
$
16,000
$
19,000
$
25,000
$
26,500
$
26,000
Total Liabilities And
Equities
$
50,000
$
53,500
$
61,000
$
63,000
$
63,000
Income Statement
Particulars Year 1 Year 2 Year 3 Year 4 Year 5
Sales Revenue
$
50,000
$
52,500
$
55,125
$
57,881
$
60,775
Cost Of Goods Sold
$
(20,000)
$
(21,000)
$
(22,050)
$
(23,153)
$
(24,310)
Gross Profit
$
30,000
$
31,500
$
33,075
$
34,729
$
36,465
Expenses:
Selling And Administrative
Expenses
$
(5,000)
$
(5,250)
$
(5,513)
$
(5,788)
$
(6,078)
Other Expenses
$
(2,000)
$
(2,000)
$
(2,000)
$
(2,000)
$
(2,000)
Depreciation Expense
$
(6,000)
$
(6,000)
$
(6,000)
$
(6,000)
$
(6,000)
Total Expenses
$
(13,000)
$
(13,250)
$
(13,513)
$
(13,788)
$
(14,078)
Profit Before Tax
$
17,000
$
18,250
$
19,563
$
20,941
$
22,388
Income Tax Expense
$
(5,100)
$
(5,475)
$
(5,869)
$
(6,282)
$
(6,716)

18PAYMENT WITH EYE
Profit After Tax
$
11,900
$
12,775
$
13,694
$
14,658
$
15,671
Add: Depreciation
$
6,000
$
6,000
$
6,000
$
6,000
$
6,000
Free Cash Flows
$
17,900
$
18,775
$
19,694
$
20,658
$
21,671
Ratio Analysis:
Year 1 Year 2 Year 3 Year 4 Year 5
Profitability Ratios:
Gross Profit Margin 60% 60% 60% 60% 60%
Net Profit Margin 24% 24% 25% 25% 26%
Financial Ratios:
Current Ratio 5.00 4.11 3.50 3.38 3.00
Quick Ratio 5.00 4.11 3.50 3.38 3.00
Debt To Equity Ratio 2.13 1.82 1.44 1.38 1.42
Debt Ratio 1.47 1.55 1.69 1.73 1.70

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