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Making money fit for the future

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There is a problem with money – it now comes in many forms, but is not fit for the future. That’s going to change, writes ARTHUR GOLDSTUCK.|easy tech

Pepper is not your everyday waiter. He is a robot that can move on its own wheels, taking orders from customers in a restaurant, fetching the food and delivering it to tables. But he’s not just a novelty: over the past year, more than 14 000 units have been deployed in fast food outlets across Japan.

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Its maker, Softbank, builds a thousand every month and sells out as fast it produces them. Pepper has branched out into dentist offices, bathhouses and even life insurance sales.

Pepper’s international breakthrough came in May, when Softbank teamed up with Mastercard to add payment functionality via the Masterpass digital wallet app. It allows customers to pair the app on their smartphones with Pepper, and make payment through a touching a button on their screens or tapping the phone on Pepper.

It is currently being rolled out out mainly by Pizza Hut in its outlets across Asia, but is not going to stick to fast food. Meiji Yasuda Life Insurance in Japan plans to put a hundred Peppers to work as salesrobots at its 80 branches.

Pepper may well look like the future of sales, but in truth is only one of many futures that is beginning to emerge. At the Mastercard Innovation Forum in Budapest last week, where Pepper made an appearance, it was clear that the real secret was not in the artificial intelligence that makes Pepper possible, but in the interfaces that make payments seamless.

According to Michael Miebach, chief product officer at Mastercard, the problem with money is that it no longer works seamlessly, even in the digital area of connected accounts and mobile money apps.

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“The consumer today mainly engages with us through plastic, and some use digital payment factors,” said Miebach in an interview in Budapest. “So the payment experience can be digital, but there are many other experiences around payment that are not connected to each other.

“Take loyalty programmes with frequent flyer miles: to figure out what my mileage is, I have to go onto a website. And I can’t connect it with my card account. So there is a disconnect between all the payment tools. Many of them work well by themselves, but they are not fit for the future.”

This startling statement comes as research reveals it is not only so-called millennials who are ready for digital and connected payment systems. Consumers across the board want to be able to pay on any available channel, at any time, anywhere.

“They want convenience, it must be simple and smart, and it must be secure,” said Miebach. “The most important thing is safety and security, which is not only about preventing theft: it means that the payment must only take place when you want it to, and where you want it. Those needs are universal, for millennials and for older people.”

The initial focus is on what has been around for a long time, namely the existing form factor of the plastic card and how it will evolve, and linking it to what’s happening in the Internet space.

The big push in the United States at present is for the EMV system, named for card associations Europay, Mastercard and Visa. A chip embedded in the EMV card allows for authentication of the transaction on the card itself via a PIN number linked to the chip. South Africa introduced the system a few years ago, but it is only beginning to be a dominant safety standard in the USA.

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It is likely to be followed by a shift to tokenisation, which allows a random string of digits, linked to a card number, to be used once-off for the transaction, so that the card details are not stored by the merchant, and cannot be reused if intercepted.

Then, according to Miebach, “We move all the way to consumer self-authentication, or biometrics, and here it gets really interesting. I believe biometrics will be a critical factor to identify who is paying and who they are paying.”

Many smartphone users are already familiar with biometrics thanks to fingerprint recognition on newer smartphones. However, Miebach believes that facial recognition has the potential to be as big.

At Mobile World Congress in Barcelona in February, Mastercard demonstrated the concept of Selfie Pay, based on many smartphones having a camera that can recognise facial features. Instead of typing in a password, the user selects the Selfie Pay option, takes a photo with the front camera of the phone, and the transaction is authenticated. It’s already in use in California and the Netherlands.

In principle, there is little difference between biometric authentication like fingerprint and facial recognition on the one hand, and voice and iris scans on the other. It all comes down to the platform where the payment is being made, and which is the most natural form of authentication at that moment.

However, even the selfie does not offer enough convenience, says Miebach, as one still has to hold up the phone and take pic.

Raghav Malik, Senior Analyst in Enterprise Security Solutions doing a product demonstration of Identity Check in MasterCard stand at the Mobile World Congress in Barcelona, Spain, Monday, Feb. 22, 2016. The company displayed the future of payments for devices and wearables. (Carlos Alonso/AP Images for MasterCard)

Raghav Malik, Senior Analyst in Enterprise Security Solutions doing a product demonstration of Identity Check in MasterCard stand at the Mobile World Congress in Barcelona, Spain, Monday, Feb. 22, 2016. The company displayed the future of payments for devices and wearables. (Carlos Alonso/AP Images for MasterCard)

“How about if you have continuous proof of life, such as heartbeat patterns and continual authentication, based on wearables? It will be very intuitive and consumers won’t even notice it’s happening.”

There is one fundamental reason consumers would embrace this payments future, and why organisations like Mastercard are working so hard to turn it into reality.

“It sure beats the world of today with the range of passwords and user names we need to remember,” says Miebach. “That’s like having to guess who you are every time you make a payment.”

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  • Arthur Goldstuck is founder of World Wide Worx and editor-in-chief of Gadget.co.za. Follow him on Twitter and Instagram on @art2gee

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Now download a bank account

Absa has introduced an end-to-end account opening for new customers, through the Absa Banking App, which can be downloaded from the Android and Apple app stores. This follows the launch of the world first ChatBanking on WhatsApp service.

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This “download your account” feature enables new customers to Absa, to open a Cheque account, order their card and start transacting on the Absa Banking App, all within minutes, from anywhere and at any time, by downloading it from the App stores.

“Overall, this new capability is not only expected to enhance the customer’s digital experience, but we expect to leverage this in our branches, bringing digital experiences to the branch environment and making it easier for our customers to join and bank with us regardless of where they may be,” says Aupa Monyatsi, Managing Executive for Virtual Channels at Absa Retail & Business Banking.

“With this innovation comes the need to ensure that the security of our customers is at the heart of our digital experience, this is why the digital onboarding experience for this feature includes a high-quality facial matching check with the Department of Home Affairs to verify the customer’s identity, ensuring that we have the most up to date information of our clients. Security is supremely important for us.”

The new version of the Absa Banking App is now available in the Apple and Android App stores, and anyone with a South African ID can become an Absa customer, by following these simple steps:

  1. Download the Absa App
  2. Choose the account you would like to open
  3. Tell us who you are
  4. To keep you safe, we will verify your cell phone number
  5. Take a selfie, and we will do facial matching with the Department of Home Affairs to confirm you are who you say you are
  6. Tell us where you live
  7. Let us know what you do for a living and your income
  8. Click Apply.

 

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How we use phones to avoid human contact

A recent study by Kaspersky Lab has found that 75% of people pick up their connected device to avoid conversing with another human being.

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Connected devices are becoming essential to keeping people in contact with each other, but for many they are also a much-needed comfort blanket in a variety of social situations when they do not want to interact with others. A recent survey from Kaspersky Lab has confirmed this trend in behaviour after three-quarters of people (75%) admitted they use a device to pretend to be busy when they don’t want to talk to someone else, showing the importance of keeping connected devices protected under all circumstances. 

Imagine you’ve arrived at a bar and you’re waiting for your date. The bar is busy, and people are chatting all around you. What do you do now? Strike up a conversation with someone you don’t know? Grab your phone from your pocket or handbag until your date arrives to keep yourself busy? Why talk to humans or even make eye-contact with someone else when you can stare at your connected device instead?

The truth is, our use of devices is making it much easier to avoid small talk or even be polite to those around us, and new Kaspersky Lab research has found that 72% of people use one when they do not know what to do in a social situation. They are also the ‘go-to’ distraction for people even when they aren’t trying to look busy or avoid someone’s eye. 46% of people admit to using a device just to kill time every day and 44% use it as a daily distraction.

In addition to just being a distraction, devices are also a lifeline to those who would rather not talk directly to another person in day-to-day situations, to complete essential tasks. In fact, nearly a third (31%) of people would prefer to carry out tasks such as ordering a taxi or finding directions to where they need to go via a website and an app, because they find it an easier experience than speaking with another person.

Whether they are helping us avoid direct contact or filling a void in our daily lives, our constant reliance on devices has become a cause for panic when they become unusable. A third (34%) of people worry that they will not be able to entertain themselves if they cannot access a connected device. 12% are even concerned that they won’t be able to pretend to be busy if their device is out of action.

Dmitry Aleshin, VP for Product Marketing, Kaspersky Lab said, “The reliance on connected devices is impacting us in more ways than we could have ever expected. There is no doubt that being connected gives us the freedom to make modern life easier, but devices are also vital to help people get through different and difficult social situations. No matter what your ‘connection crutch’ is, it is essential to make sure your device is online and available when you need it most.”

To ensure your device lifeline is always there and in top health – no matter what the reason or situation – Kaspersky Security Cloud keeps your connection safe and secure:

·         I want to use my device while waiting for a friend – is it secure to access the bar’s Wi-Fi?

With Kaspersky Security Cloud, devices are protected against network threats, even if the user needs to use insecure public Wi-Fi hotspots. This is done through transferring data via an encrypted channel to ensure personal data safety, so users’ devices are protected on any connection.

·         Oh no! I’m bored but my phone’s battery is getting low – what am I going to do?

Users can track their battery level thanks to a countdown of how many minutes are left until their device shuts down in the Kaspersky Security Cloud interface. There is also a wide-range of portable power supplies available to keep device batteries charged while on-the-go.

·         I’ve lost my phone! How will I keep myself entertained now?

Should the unthinkable happen and you lose or have your phone stolen, Kaspersky Security Cloud can track and protect your device from data breaches, for complete peace of mind. Remote lock and locate features ensure your device remains secure until you are reunited.

 

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