Pay By Touch stopped processing transaction for its merchants, the company announced.
In December Solidus Networks filed for U.S. bankruptcy protection under Chapter 11. As part of the company’s restructuring, it was determined that the enterprise could no longer support the biometric authentication and payment system as it currently exists, based on lack of funding and current market conditions.
Pay By Touch’s biometrics business proved to be a huge money loser despite installations in more than 700 U.S. retail locations, most notably SuperValu Inc.’s Jewel/Osco grocery stores in the Chicago area.
Phoenix Check Cashing Inc. purchased of the BioPay Paycheck Secure business from Solidus Networks, which does business as Pay by Touch. Terms of the deal were not disclosed.