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The research anticipates that widespread adoption of digital verification within banking, particularly mobile banking, will continue to drive digital onboarding revenue growth.

Despite the aforementioned increase in efficiency reducing the cost of each individual digital identity verification check, the growing volume of checks, particularly in developing regions, will offset this. As such, Juniper Research forecasts that total spend for banks will increase from $7.4 billion in 2023, to $9.9 billion in 2028; representing a 34% increase.

From AI to Save Banks $900 Million in Identity Operational Cost – Fintech Schweiz Digital Finance News – FintechNewsCH.

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A similar measure was introduced in the UK in 2020 and it resulted in a 35% reduction in misdirected payments in the first year.

From Australian banks buckle to pressure over scams and vow to block transfers to suspect accounts | Banking | The Guardian.

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The amount lost to APP fraud hit £583.2m in 2021, a 39% increase compared with 2020, according to the research from the banking industry organisation UK Finance.

From UK victims lost £1.3bn in 2021 amid surge in online fraud, new data shows | Scams | The Guardian.

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Throughout APAC and LatAm, payment systems are the primary threat to banks. Both of these regions are looking at a future like China’s, where payment and banking are blurred. That future may be easy to envision for APAC, but it’s also coming to LatAm through Brazil’s PIX and the ubiquitous MercadoLibre.

Contrast this with the NA bank market, where alternative payment systems like PayPal exist but are still small compared to banks’ market share.

From: Banks MUST Go Digital or Die Trying as they Face-Down Fierce Competition from Payment Companies and Big Tech!.

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An old friend of mine (and very experienced Apple iOS developer), Andrew Ebling wrote about this on LinkedIn recently. He talks about the “pain of trying to pay” using a VR headset: Take off the headset, authorise your payment or banking app (using FaceID, which means the headset must be fully removed, wait for a while until your overloaded computer groans and quits and then you have to start all over again while fretting over double charging. Not the best experience, especially when you compare it to a near-future Apple “blink and pay” in virtual worlds. Especially when that blink-and-pay means the exchange of fungible and non-fungible tokens using decentralised finance protocols that never go anywhere the existing banking infrastructure. Or, for that matter, banks. No wonder Andrew says he can’t wait to 

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Milei’s victory is not just a political statement but also a potential game-changer for bitcoin. The president-elect sees bitcoin as a key to reviving the economy, advocating for monetary control to return to the private sector. However, it is important to note that Milei has not yet proposed making BitcoinBTC 0.0% legal tender in Argentina.

From: Javier Milei Wins Argentine Presidency With Pro-Bitcoin And Anti-Central Bank Agenda.

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Credit card payment processing costs airlines over $20 billion annually, accounting for 2.2% of ticket sales.

While this may still be the preferred form of payment for most airline customers, airlines have a strong incentive to embrace alternatives.

From: Why Airlines Want To Make It Easier For You To Pay For Flights.

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Basically, airlines want you to use your frequent flier mile credit cards for absolutely evertyhing except buying plane tickets.

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The IATA survey also found that airlines lost 25% of potential product and service sales during the customer journey because of payment issues.

“Payment needs to be seen as part of the commercial offer and not just as a financial transaction at the end of the sale,” said Muhammad Albakri, IATA’s Senior Vice President for Financial Settlement and Distribution Services.

From: Why Airlines Want To Make It Easier For You To Pay For Flights.

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Store your digital documents such as Aadhaar card, driving license,
PAN card, Co-WIN vaccine certificate, etc. in one secure place, all accessible with just one swipe.

From: Samsung Wallet | Apps & Services | Samsung India.

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A recent Resarch & Markets report forecast that the number of digital identity applications in use will exceed four billion by 2027 (growing by four-fifths from today) while noting thatsuch apps face competition from digital wallets. This has long been my overall view of the market and I have said before that I come down on the smart wallets side of the fence.

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Validium is a scaling solution that enforces integrity of transactions using validity proofs like ZK-rollups, but doesn’t store transaction data on the Ethereum Mainnet. While off-chain data availability introduces trade-offs, it can lead to massive improvements in scalability (validiums can process ~9,000 transactions, or more, per second(opens in a new tab)).

From Validium | ethereum.org.

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