BioPay Surpasses $1 Billion in Biometric Financial Transactions

More Than Three Million Transactions Initiated by More Than 500,000 Consumers Demonstrate Biometric Demand

Herndon, VA — June 9, 2003

Biometric payments leader BioPay, LLC has surpassed three significant milestones with its biometric technology, including verifying more than $1 billion in financial transactions; processing more than three million financial transactions; and enrolling more than 500,000 consumers in its Paycheck Secure and bCheck biometric systems. BioPay's electronic biometric identification systems are used by merchants in 31 states.

"BioPay continues to prove that biometric applications offer secure, efficient methods for conducting business," said Tim Robinson, president of BioPay. "Consumers like the convenience and personal security biometrics offer, and merchants applaud biometrics for their use in fighting fraud and reducing costs."

Milestones

More merchants in the United States are using BioPay's biometric technology for initiating and processing financial transactions than any other similar technology. BioPay has now surpassed its goal of using biometrics to initiate more than $1 billion in financial transactions. Transactions include check cashing and consumer payments at merchant locations in 31 states.

BioPay also exceeded its goal of processing more than three million transactions with biometrics. These transactions were initiated by more than 500,000 consumers across the country. BioPay has the nation's largest commercial electronic biometric database.

Benefits to Consumers and Merchants

Consumers like biometrics for their convenience and security in preventing identity theft. Biometrics can't be lost, shared, stolen or easily replicated, so they have the highest level of security. With biometrics, consumers do not need ID, cash, credit or debit cards to complete a financial transaction. A consumer simply needs to put their finger on the electronic scanner to verify their identity or authorize a payment.

Merchants use BioPay's biometric technology to reduce check fraud and payment costs. Using Paycheck Secure, merchants can easily confirm a person's check cashing history before a transaction is completed. If negative information is noted, the transaction can be cancelled, saving money that may have otherwise been lost on a fraudulent transaction. In addition to fighting check fraud, merchants using BioPay's bCheck system can reduce payment costs. For example, bCheck transaction costs are 75% less than the costs of credit card and off-line debit (check card) transactions.

About bCheck

bCheck gives consumers the convenience of paying for purchases by the touch of a finger; cash, checks, credit and debit cards, and ID are not required. Merchants can take advantage of bCheck to substantially reduce processing costs, payment handling, and losses due to fraudulent transactions.

About Paycheck Secure

Paycheck Secure uses biometric technology to capture a customer's finger image, store a template of the image, and then record check transactions associated with that person. Merchants can obtain real-time, negative check transaction information from BioPay's database. Meaning, a BioPay merchant at one location will be immediately alerted to a fraudulent check from any other BioPay merchant in the country.

About BioPay, LLC

Since 1999, BioPay has been providing smart, secure methods for processing financial transactions. Its Paycheck Secure systems help businesses substantially reduce fraud and give consumers a convenient method for cashing checks. BioPay's payment service offers merchants a low-cost form of customer payment and gives consumers a secure, fast and convenient way to pay for purchases. BioPay's patent-pending systems for merchants, banks and financial service organizations have been implemented across the nation. BioPay's value to consumers and merchants has created the nation's largest commercial electronic biometric database. For more information on BioPay and its market-leading products please visit www.biopay.com.