NFC Verification is on the Rise: How Can Your Business Benefit?
NFC verification solutions and to keep up with the technology trends. This allows enterprises to not only offer their customers a safe and secure exper…
Whether you’re a business that sells online products, operates in the tourism or banking industry, or offers identity verification services, you need an efficient and reliable digital solution. NFC – Near Field Communication – technology is quickly gaining prominence in the corporate sector with its ability to enable contactless transactions and offer customer verification. Most enterprises are rather unaware of the benefits they can get by incorporating NFC verification in their business operations.
The Landscape of NFC Technology
From changing the payments landscape to bringing a new wave of innovation in the ID verification market, NFC technology is making its way into the limelight in 2021. This is even more relevant because the mobile payments market is expected to top a staggering $421 billion by 2026. While on the other hand, research predicted that 66% of US customers think that digital-only mobile solutions are going to replace credit cards in the coming five years.
The market for NFC-based technologies is forecasted to grow from $18 billion in 2020 to $34.9 billion in 2025. The number is encouraging businesses to invest more in NFC verification solutions and to keep up with the technology trends. This allows enterprises to not only offer their customers a safe and secure experience but also to create convenience in business operations.
Advertisement
Corporate Benefits of NFC-based Verification
Electronic devices that have an NFC chip inside them can communicate with each other at a close distance of 10 cm (4 inches). The communication channel is established using the (Radio Frequency Identification) RFID principles designed and developed by Charles Walton back in 1983. Along with secure means of digital transfers, NFC comes with a customer-centric approach that offers reliability and ease of use. Listed below are some benefits of NFC that corporate organizations can use to develop a good market strategy and brand reputation.
1. User Experience is the Key to Success
When it comes to a business’ customers, the experience they get speaks volumes. To retain existing customers and to acquire new and loyal ones, a good user experience is a road to glory. NFC verification solutions allow businesses to use effective tools to provide a service that is convenient and reliable for the end-user. Businesses can speed up their onboarding procedures by integrating NFC-based verification into their existing systems.
What’s required from the customer is to scan their identity document (usually a government-issued official ID) that has their photo on it. These documents contain a microchip called the NFC tag that contains personally identifiable information related to the user. Using an NFC-enabled device, this information present on chip-based ID documents can be easily extracted and used to verify the user in real-time.
Advertisement
2. New and Existing Customers Matter
Customers are the backbone of any business. A legitimate customer base is essential for any business to prevent financial crime and digital fraud. With old-school methods in use, it becomes an uphill task for corporate entities to combat technologically advanced fraudsters. In this regard, the error-prone nature of manual verification adds fuel to fire.
Today, enterprises are quick in recognizing current advances in the market that can assist them in securing their customers’ identity. NFC authentication is becoming popular because customers can get themselves verified through a tap with the ID document. This allows business firms to expand their genuine customer base and retain current clients.
3. With Convenience Comes Trust
76% of customers engaging with online platforms are of the view that they expect a business to be cognizant of their needs. For enterprises, delivering customer-oriented services is a good bet since they come with a good deal of convenience. NFC-based verification is performed in an instance without the customer waiting in long queues to pay for their bills or to open an account.
Advertisement
The best thing about NFC is that most mobile devices come with this technology, and smartphones are something everyone carries with them all the time. This way, customers need not carry their payment (credit/debit) card each time they head out to the store to buy something.
4. Honestly, Security is the Best Policy
Safe and secure transactions are one important thing that will allow businesses to win customer trust. Near Field Communication makes this possible as data transfers in proximity reduces the chances of any external interception. When this technology is paired with biometric authentication, it guarantees foolproof ID verification – by using identity documents and unique biological features of the end-user. Biometric-based NFC verification allows enterprises to keep identity thieves at bay and continue to deliver a purposeful and seamless experience to their customers.
To Wrap it up
Near Field Communication is becoming a technology innovation in the corporate sector where it is offering effective customer authentication solutions. This ensures a quick and reliable onboarding process so that customers can enjoy secure transactions without worrying about their personal data being compromised or stolen. Banking on the current NFC verification trend, enterprises can build a better customer base and brand image in today’s highly competitive market.
Manvendra Chaudhary, with over 5 years of professional experience as CEO of Unique News and Megalent Marketing, shares insights on life, business, and health for your success.
Gerber and Perrigo Face New Lawsuit Over ‘Store-Brand’ Infant Formula Pricing; All Pending Toxic Baby Food Cases Consolidated into New Class Action MDL
Infant formula makers Gerber and Perrigo have been hit with a class-action lawsuit, which accuses the companies of artificially creating a shortage and jacking up prices for “store-brand” formula sold at Walmart, Walgreens, and other retailers.
The lawsuit was filed on Monday in federal court in Alexandria, Virginia. It accuses Perrigo of violating antitrust laws by collaborating with Gerber to prevent competitors from entering the market for store-brand formula.
Perrigo, one of the nation’s largest suppliers of store-brand formula, sells its products under retail labels at prices lower than similar branded products. However, the lawsuit alleges that Gerber, by granting Perrigo the first right of refusal to Gerber’s excess formula supply, which could have been sold to other competitors, is engaging in practices that stifle competition.
Advertisement
The lawsuit claims that through this arrangement, Gerber agreed to keep its excess formula out of the store-brand market, thereby gaining a share of Perrigo’s profits. The lawsuit was filed by four residents of California, Illinois, Michigan, and Pennsylvania, who will represent millions of customers who have purchased store-brand baby formula. The lawsuit does not name formula retailers as defendants. It asks the court to intervene and end the anticompetitive deals between Perrigo and Gerber and seeks more than $5 million in monetary damages.
This lawsuit is similar to another case filed in Brooklyn federal court by a potential store-brand competitor, P&L Development. Gerber and Perrigo requested the dismissal of that case, which was denied by the judge in February. The companies involved in the lawsuit claimed they compete fairly with other infant formula manufacturers, including those of store-brand formulas. The lawsuit also cited the squeezing out of P&L Development from the store-brand market, which has led to higher prices.
Gerber is also facing numerous lawsuits accusing its brands of baby food of containing dangerously high levels of toxic heavy metals, such as lead, arsenic, and mercury. These heavy metals are extremely toxic, even for adults, and can have catastrophic consequences on developing children, leading to health complications and neurological damage. Conditions such as ADHD and autism may be linked to consuming these toxic baby foods.
Advertisement
On April 11, 2024, all the lawsuits pertaining to toxic baby foods, which had been filed at different times in various courts, were consolidated into a new class action MDL in the Northern District of California and assigned to Judge Jacqueline Scott Corley. Besides Gerber, other baby food manufacturers like Beech-Nut and Campbell Soup Co. have also been named as defendants.
The legal wrangling between the crypto sector and the SEC, or the Securities and Exchange Commission, is getting uglier, with ConsenSys, a major protagonist of the Ethereum Blockchain, filing a lawsuit against the regulatory body in a Texas federal court. This legal action seeks an intervention to ward off a looming SEC lawsuit against the company regarding features of its popular MetaMask wallet. The lawsuit also seeks the court’s help in deciding once and for all the vexed question of whether Ethereum’s digital token, Ether, is not a security. The legal uncertainty hangs heavily on the crypto sector and puts a question mark on its very existence.
In an exhaustive 34-page legal filing, ConsenSys states that the SEC’s endeavor to exert control over Ethereum is both illegal and a threat to blockchain technology.
The complaint states,
Advertisement
“The SEC’s unlawful seizure of authority over ETH would spell disaster for the Ethereum network, and for ConsenSys. Every holder of ETH, including ConsenSys, would fear violating the securities laws if he or she were to transfer ETH on the network. This would bring the use of the Ethereum blockchain in the United States to a halt, crippling one of the internet’s greatest innovations.”
The lawsuit also alleges that SEC Chairman Gary Gensler has embarked on an aggressive enforcement policy directed at the big players in the crypto sector like Coinbase and Uniswap. The lawsuit particularly points out a campaign that involved a deluge of subpoenas asking firms and developers for documents related to their dealings with the nonprofit Ethereum Foundation, which supports the blockchain’s development.
The crypto sector is up in arms against Gensler’s tactics and has contended that the SEC has never provided clear rules meant for the distinct features of blockchain technology. However, Gensler negates this argument, saying that the existing securities laws are clear and sufficient, and that the crypto industry refuses to comply with them.
Gensler’s actions are full of contradictions since, in the past, the SEC had maintained that blockchain’s tokens, like Bitcoin, are not securities and hence beyond its purview. A senior official in 2018 had stated that Ethereum has reached a state where it is adequately decentralized, and further, the agency also gave the green signal for the launch of Ethereum futures trading—an implicit acknowledgement that Ether is a commodity. However, at present, Gensler is using a recent feature of Ethereum, known as staking, as grounds for the recent legal campaign.
Advertisement
The lawsuit was filed after the SEC issued a Wells Notice, which is akin to a formal letter warning that the agency intends to sue a firm and could lead to a settlement later. The SEC charged ConsenSys that MetaMask was operating as an unlicensed broker-dealer. MetaMask offered users a means to stake Ethereum on their behalf. Staking was a feature introduced in September 2022 on the Blockchain as a replacement for the energy-intensive mining process. The process involves a system of validators who pledge collateral to become trusted validators.
The SEC objects to the process of staking, which has changed Ethereum from a commodity into a security. ConsenSys founder Joe Lubin has called this account of the SEC “preposterous”.
Lubin said,
Advertisement
“The act of staking is really just posting a security bond so you can get paid to contribute labor and resources to help operate the Ethereum protocol. Now they’re trying to turn that into some sort of investment contract.”
Lubin also stated that the SEC’s actions will lead to a halt in the growth of the crypto sector and blockchain technology as a whole. Lubin feels that the SEC seeks to block pending applications by companies to launch spot ETFs for Ethereum, following the huge popularity of Bitcoin ETFs. The SEC is in fact trying to regulate a technology on its merits and it will only stifle innovation.
Caterina Fake is a renowned American entrepreneur and co-founder of several groundbreaking ventures, including Flickr and Hunch. Born on June 13, 1969, in Pittsburgh, Pennsylvania, Fake has been a driving force in reshaping the digital landscape through her innovative ideas and entrepreneurial acumen.
From her early days in Pittsburgh to her rise in Silicon Valley, Caterina Fake’s career has been marked by a relentless pursuit of excellence. Co-founding platforms like Flickr and Hunch, she has revolutionized how we connect and share information online. Her visionary leadership and creative brilliance have cemented her status as a trailblazer in the tech industry.
Caterina Fake Net Worth
As of 2024, according to TheRichest, Caterina Fake’s net worth stands at an impressive $25 million. Her entrepreneurial ventures, including Flickr and Hunch, have contributed significantly to her financial success. With a keen eye for emerging trends and a knack for innovation, Fake continues to inspire aspiring entrepreneurs around the world.
Advertisement
Caterina Fake Age
Currently 54 years old, Caterina Fake was born on June 13, 1969. Despite her age, she remains a dynamic force in the business world, constantly pushing the boundaries of what’s possible in technology and entrepreneurship.
Caterina Fake Family: Husband and Children
Caterina Fake was previously married to Stewart Butterfield, with whom she co-founded Flickr. They tied the knot in 2001 but announced their split in 2007. They share one child, Mint Butterfield, who has recently been reported missing. Caterina Fake is currently in a relationship with Jaiku co-founder Jyri Engeström.
Caterina Fake Height and Weight
While specific details about Caterina Fake’s height and weight are not readily available, her stature in the tech industry is undeniable. Standing tall as a visionary leader and innovator, Fake’s impact transcends physical measurements, leaving an enduring legacy in the digital sphere.
