News from the Wire

Pay By Touch Signs Agreement with IBM

Monday, January 12, 2004 — 12:45:04 (EST)

SAN FRANCISCO – January 12, 2004 – Pay By TouchTM today announced an agreement with IBM that would offer retailers using Pay By Touch technology the opportunity to give their customers the option of paying for purchases on IBM point-of-sale (POS) systems using a finger scan to access their financial accounts.%%N%%NUnder the agreement, IBM and Pay By Touch will work together to offer this technology to retailers across the world. Several major retailers are expected to launch Pay By Touch pilots using IBM’s POS systems in early 2004.%%N%%NPay By Touch pilots to date have been very successful with consumers. Merchants have reported up to 75% consumer adoption among their customers. The one-time enrollment process takes less than a minute – shoppers scan their finger, enter an access code and swipe cards and accounts they want to use. The Pay By Touch finger scanning technology does not store actual fingerprints; instead it creates a set of geometric points that allows for a secure identity match at retail point of sale. %%N%%N“We are delighted to partner with one of the world’s leading technology companies in offering retailers the chance to make their shoppers’ checkout process faster, more convenient, and more secure,” said Craig Ramsey, CEO of Pay By Touch. “In addition to enhancing customer loyalty, our product empowers retailers to drive payment choice at the point-of-sale by allowing them to encourage their preferred method of payment with their customer base.”%%N%%NHeadquartered in San Francisco, Pay By Touch is a free consumer payment service that allows shoppers to pay for purchases using a finger scan to access their financial accounts and loyalty programs. With Pay By Touch, the checkout process is faster, more convenient, and more secure than other payment methods. It eliminates the need to present credit, debit, membership or loyalty cards at the point of sale.%%N%%NIBM has been providing dependable POS solutions to the retail industry for over 30 years. The industry’s premier supplier of POS solutions, IBM has installed more than 2 million systems in retailers around the world.%%N%%NSource: Company Press Release

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Source: Company press release.