In September 2005, we filed a patent application relating to an EMV (Chip and PIN) terminal having a mode of operation for the redemption of coupons and vouchers. In 2009, the patent was granted by the UK Intellectual Property Office, and subsequently corresponding patents have been granted by IP Australia and the Intellectual Property of New Zealand in 2011. What this means is that we have patent rights covering EMV terminals that can be switched from transacting card payments tore deeming vouchers and coupons according to Eagle Eye’s redemption processes. Today, we have more than 40 top high street brands using our technology, delivering hundreds of thousands of secure redemptions in stores every month.
Today, we am delighted to announce that we has now been granted corresponding patents in both Europe (EP1934964B1) and the United States (US8353451B2).
This will help us continue with our overseas expansion, with patents now granted covering 34 countries, and covering a market of 1over 872 million people. Crucially, it will assist our EPOS technology partners to standardise their global EMV redemption product features, in this case to enable voucher redemption via keyed entry and / or NFC, an increasingly significant point with the EMV liability shift for POS devices due in October 2015.
We are now in talks with a number of retail POS partners in the new territories to roll out our digital redemption technology. The joint benefits for retailers and POS providers are obvious, in as much there is a very easy ‘switch-on’ for retailers to enable secure digital redemption at the point of sale, and a new, incremental revenue stream for retail technology partners with very little effort.
Our core concept has always been very simple – to give retailers a secure, real-time way of processing coupons and vouchers in-store, without the need for paper or extra hardware. We have devised a way that covers 100% of the digital population now, that is anyone who can receive a text, email or download an app can redeem Eagle Eye vouchers via the EMV terminal using keyed entry. We have also future-proofed this for when mobile wallet usage and NFC payment / redemption becomes the norm, which considering the exponential growth in NFC device shipments can’t be that far off.
source: World Bank, U.S. Census 2011