Cyberbeat on protecting online payments
Recently, Cyberbeat's co-founders, Rajan S. Narayan and Winston Palma, spoke about the state of digital banks and digital trust in Singapore. The digital trust industry in Singapore is currently valued at $1.7 billion and is expected to double to $4.8 billion by 2027. The leading areas of growth are cybersecurity, digital identity services, cyber insurance, and digital certifications. Although digital banking is gaining popularity in Singapore, it may take some time to develop the necessary capabilities and overcome customer hesitancy towards change. Established banks in Singapore have strong reputations, large customer bases, and profitable business models. Therefore, customer convenience, speed, and protection in the digital world will be the main point of differentiation.
Cyberbeat understands that people are concerned about their payment and credentials being compromised during transactions. To address this issue, they developed VkenPay, a solution that provides instant dynamic virtual card tokens for online payments, whether one-time or recurring, for all card schemes, including local bank cards, without the need for expensive implementation. This solution improves the customer experience and provides greater protection. Customers can access VkenPay through a bank's mobile app or as a standalone app, and it doesn't require any connectivity or storage of customer or bank details to generate dynamic virtual cards. Customers generate the dynamic card token, which self-destructs at a predetermined time, and either scan the dynamic QR code or enter the token number to make a payment. The original card number is never revealed to the website or app, ensuring greater security.
Cyberbeat has developed solutions such as VkenPay and VkenCredence to help financial institutions establish digital trust with their customers by providing a secure environment. VkenPay is a complete payment solution that allows customers to generate their own virtual cards for shopping at checkout, protecting their real card details from being exposed to the merchant. VkenCredence is an applet that can be used instead of SMS-delivered OTPs, which are often associated with scams. By using Cyberbeat's solutions, financial institutions can improve the customer experience and increase protection, ultimately establishing digital trust.
To know more, watch the full interview.