My Identity Pay has announced the launch of its new biometrics product focused on helping individuals and businesses building innovative products to transact easier and safer with biometric infrastructure.
With over $2 billion in daily online transactions according to GSMA, mobile/internet transactions still face common challenges such as unavailability of tokens, OTP or hardware failure. My Identity Pay is poised to eliminate these daunting problems with its biometrics solution.
“We believe biometrics technologies can solve this huge problem, and we’ve developed other easy ways to integrate biometrics technology APIs for other business use,” Niyi Adegboye, Co-founder, My Identity Pay said.
With My Identity Pay, individuals will be able to make payments easily with either the face or fingerprint whenever they visit stores or on an e-commerce site. “Over the last few years, we have deliberately invested in R&D to develop the needed algorithms to achieve these feats,” said Lanre Ogungbe, Founder, Identity Pay.
The startup has been on private testing since February 2020 and acquired over 120 testers to assess the new payment system using different devices and in multiple scenarios.
Understanding the hardware barriers that may face the product, Identity pay is designed to work with existing hardware systems. In addition, the startup has embedded other security features such as anti-spoofing algorithms, liveliness checkers and many more.
Today, the product is accessible via APIs as they are positioned as an infrastructure provider for other businesses willing to add this type of payment to their existing options. Using the APIs are super easy. It can be accessed on Identity Pay’s developers’ page.
One of the platform’s flagship features, “digital identities” will allow companies to digitally secure a seamless KYC service. My Identity Pay is connected to multiple public databases and allows brands to perform data verification, face verification, and biometrics matching which is a major step to curbing fraud and digital identity theft.
“We want to make it easier for companies and developers to have quick and easy tools for KYC activities. Our Face-ID matching, for instance, reduces the time it takes for many loan providers or mobile banking players to verify everyone using their platform as our infrastructure can get that done in seconds” said Niyi Adegboye, Co-founder My Identity Pay.
The use of digital ID in Africa not only helps the fight against financial crime and fraud, but it also drives financial inclusion and boosts e-Commerce.
At launch, My Identity Pay has already onboarded clients who are currently using the infrastructure to power their businesses. The goal is to massively expand offerings and customer base within the coming months.
My Identity Pay is a biometrics technology company, on a mission to make payments as easy as possible by circumventing existing challenges plaguing payments such as failed OTPs authentication and internet challenges. My Identity Pay products include Facial Recognition, Liveness Check, Quick API Integration and more. Businesses across Africa can power their payment or data verification process using the My Identity Pay’s Biometric Infrastructure.
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