Friday, November 04, 2005

BioPay Targeting the Hispanic Market for Biometric Check Cashing

Yahoo News

HERNDON, Va.--(BUSINESS WIRE)--Nov. 4, 2005--BioPay, the leading biometric transaction processor in the country, announced today that it will be expanding its program that actively targets retailers who serve the nation's rapidly expanding Hispanic community for its Paycheck Secure product

The company plans to expand their presence with retailers in additional metropolitan areas with large Hispanic populations such as Phoenix, Chicago, New York, Las Vegas, and the Washington DC metro area where BioPay's headquarters is located.

BioPay's Paycheck Secure system allows consumers to enroll at a grocery store, liquor store, convenience store or check cashing location. Once enrolled, the consumer can cash their payroll check at the enrolled location (or in some cases across a chain of locations) just by "putting their finger down" to confirm their identity.

New immigrants from countries such as El Salvador, Mexico, and Guatemala have fueled an on-going rise in the estimated 9 to 10 percent of Americans households who do not have a checking account according to the US Treasury, or an estimated of 30 million people in America. Often "lightly documented" these hard-working residents have traditionally found it difficult to cash their paycheck at a bank or a retail store

Retailer Ed Vela, General Manager at Los Angeles based Jax Markets added "I love the system. It works amazingly well. Before I used it in my store I was losing $12,000 per quarter and once we installed it, we nearly eliminated fraud."

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