Monday, December 30, 2019

How might Your Business Benefit from Biometric Authentication?

Biometric authentication can be considered one of the more recent innovations out there that has garnered the kind of technological maturity suitable for enterprise-wide adoption. Like something out of a sci-fi movie, it makes use of body measurements and calculations to determine certain key variables. 

Still, businesses have been slow to adopt biometric authentication. 

This might come down to a lack of knowledge about the concept of biometrics, or simply to decision-makers not seeing a need for it. 

However, with gradual exposure to biometric authentication, it could very well become an integral part of the future of digital business and information security. Here are a few ways in which your business could benefit from this nifty tech. 

So, what was it again?

Biometric identification is used to verify that you are you based on your body measurements. Biometric authentication goes one step further and uses that information to compare you against a database.

Think of it like this: biometric identification is like a neighbour who looks through the peeping hole at the 2 people who just rung the bell. The neighbour decides which one of them is Stanley based on height, hair colour, eye colour and so on.

Biometric authentication is the neighbour who looks through the peeping hole to see who is at the door. If it’s Stanley, the neighbour lets him in. If it’s not, the door remains shut.

Monday, December 16, 2019

5 Prominent Digital Payment Trends for 2020

As technology continues to revolutionize a variety of industries and commercial sectors, 2020 is soon set to be upon us.

It should be safe to say that business owners need to pay close attention to certain key trends. Among them, the rise of digital payments.

With complex payment gateways, cryptocurrency, electronic wallets (e-wallets), and more, some of the greatest innovations these days revolve around how we buy, sell and conduct other transactions. So, what’s next for digital payments?

Here are some possible developments that we might see become mainstream in 2020.

1. The Rise of e-Wallets 

E-wallets let buyers make payments via a single tap on a computer or smartphone. A number of things can be paid for using e-wallets, including clothes, tickets and even groceries.

With internet penetration at 80% and smartphone penetration at 63%, the outlook for digital payments for the year 2020 seems promising.

e-wallets have taken a place in the spotlight, especially since JP Morgan recently stated in a market report that “The use of cash is expected to be overtaken by digital wallets by 2021”.

Technology giants like Samsung, Apple, Google, Alibaba and Tencent are driving the growth of digital wallets, and consumers seem to be loving the convenience. It’s a pretty radical and revolutionary concept. Security and authentication features (not having to enter credit card info or give physical credit cards to cashiers) make e-wallets so much more appealing than carrying bulky wads of cash around.

Mobile wallet payments may have only come up to about $75 billion in 2016, however, the forecast is that they’re going to soar upwards by 2020 (an estimated 80% of growth over five years).