Alipay operator acquires biometric technology firm

14 September 2016

AlipayEyeVerify Inc. has become the latest acquisition of Ant Financial, an affiliate of Chinese company Alibaba Group Holding Ltd., in a move to bring additional service to a range of its offerings in financial services market. Ant Financial will be deploying the American unit for ensuring biometric technology protection for online and mobile transactions.

The deal is closing for 70 million US dollars paid for the acquired company, located in Kansas City, Mo. The biometric technology developer is becoming a wholly-owned company of Ant Financial.

The technology developed by EyeVerify Inc. will be implemented by Ant Financial across its products and services and further offered in the US market. Chinese users will have access to the biometric authentication which allows them to shoot their eye with the camera and use it to open mobile applications or links. The service verifies the eye-vein pattern and generates a digital password equal to a 50-character security code.

The acquisition comes as another step of Alibaba to increase its presence in the United States and better connect American companies to Chinese consumers while helping Alipay users from China to use their mobile payment service for making purchases across the US.

This August Ant Financial unveiled its cooperation with Ingenico to expand the influence of Alipay across the European nations. Ingenico is processing Alipay transactions for a fee paid to the European company by the Chinese payment provider.

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