Alibaba's payments arm, Ant Financial, has acquired EyeVerify for $100m. The deal indicates the company's interest in eye-recognition as a method to fight fraud.
As Fortune explained in a June feature about EyeVerify, the technology works by examining the blood vessels behind the whites of customers eyes’ and is reportedly as accurate as fingerprint sensors, which work 99.8% of the time. The banks deploy it by adding EyeVerify to their apps, allowing their clients to log in and do things like check balances and pay bills. Being part of Ant Financial will give EyeVerify more access to the more than 450 million people, most of them in China, who use the online payments platform Alipay.