Korea's Senex Technology is to showcase its new iris credit card verification system at ceBit 2002 in Hanover, on 13-20 March, as part of a sustained push into European markets.
Branded TrueEye, the system offers rapid recognition and authentication of cards as well as the settlement of transactions by matching the cardholder's iris against an authenticated stored image.
The company anticipates iris recognition cameras will be installed at retail outlets, online retailers, as well as hospitals, offices and restricted access locations to replace existing security measures, such as cards, passwords and PINs.
Namgoong, president of Senex Technology, believes the market "will explode in response to the rapid growth of the worldwide credit card market, Internet shopping malls and the rising interest in the security of the apartments equipped with Internet capabilities".
Senex says it is currently in negotiations with one of the world's leading credit card companies and exchanged a Memorandum of Understanding with UK-based Vision Security. The company is also in the process of developing diverse bio-recognition security products for wired and wireless certification, and card key-based certification products.