Digiseq connects the digital and physical worlds

At Money 20/20 Europe in Amsterdam FinTech Futures Talk to Digiseq Chair David Birch to make wearable payment disruptor chips smart and secure, reinvent the loyalty program, explain the difference between identification and authentication, and avoid having to bring your ID into the pub. Did.

Digiseq Chair David Birch

FinTech Futures: Can you tell us about Digiseq’s top level elevator pitch?

David Birch: Digiseq transforms an object into something that has an identity, and that identity can be used for all sorts of different things. Many people now use it for payment. So we have watches, wristbands, keyrings, and even some nice fashion items.

The important thing is to have a safe tip in things. You can use barcodes, but it’s not the same as putting a safe tip inside. These chips have the kind of security that cost thousands of dollars a few years ago. Now it’s a 40 cent tip.

Full public key cryptography, symmetric and asymmetric cryptographic security are available. So you can do incredible things with payments, payments are a popular application, but it’s just one of them.

Now that the cost barriers for chips are very low, is it part of the wider Internet of Things (IoT)?

Yes, but we want to distinguish what we are doing. Because we are a safe tip. It’s not just about putting RFID chips in something. These chips can be configured to store data, answer queries, and respond only to authorized people. So it’s not just about tipping things. It’s tipping things with real security.

We are talking about security – biometrics are considered very secure. How does Digiseq fit biometrics?

Biometrics are very secure. However, there is a difference between identification and authentication.

It’s a kind of convenience if you enter the store and the store scans your face to identify you. But I’m also a little worried that they have this database and face templates. What if you don’t want to be identified? What if you just want to walk around and look around?

I happen to like key rings, but others like watches and others like rings. The ability to authenticate them with a tap is much better for me. I would rather take action.

The biometrics are great and you can see them co-existing. But I don’t know if people really think about what it means to scan their faces everywhere.

Here it is tokenized. You know it’s not your data. It’s your certification.

How can you use Digiseq to enhance your customer loyalty program and generate new revenue streams for your brand and other businesses?

Here are some examples. Key ring for Real Betis, the Spanish LaLiga football club. These keyrings have both access control and payment IDs, so fans can use them to get to the ground and buy drinks at the bar using the keyrings when they are on the ground. This is interesting, convenient and wonderful.

Next, think about the outside of the ground. When you go to the store and buy something on your phone, you take it out and unlock it. I buy something, it’s MUJI. If I’m a fan, brand the payment. There are these issues around brands and identities, which I think are also overlooked, for example, when people talk about biometrics.

Another area of ​​interest is Central Bank Digital Currency (CBDC) and tokenization. None of them are ready for prime time yet, but they will soon, and it’s absolutely okay to use this to access remote wallets. In the short term, I think you’ll see much of this relationship with immediate payments.

In a sense, I’m a little surprised that more and more retailers aren’t moving in that direction yet. If I go to the Waitrose supermarket and Waitrose knows who I am, it seems pretty obvious that Waitrose goes to the bank and says, “Dave, send me money.”

I think the idea of ​​this link of loyalty and payments via the instant payment network via the backend rather than the card network is that when I try to select one important trend. If retailers identify you, they probably know you better than banks.

Many large supermarkets have been running these loyalty programs for decades. Are there any other interesting or promising uses for this technology that are not currently on the market? For example, toys, cars, clothes.


Digiseq demonstrated “thumbnail payments” using one of the company’s chips embedded in nail polish.

Toy chips are not a new idea. Yes, you can do it more safely. However, you should be very careful with toys, as they need to be in an infrastructure that enhances privacy.

Tipping is only part of the ecosystem. Other elements of the infrastructure are needed for it to work. The clothes are a little different. I could go to a nightclub with a shirt that I could use to pay, so I didn’t have to bring my wallet.

It can also be used for ID purposes. Indeed, it’s a bit strange in the UK that drunk teens are forced to get passports and driver’s licenses for clubs and bars.

I think there is some foothold in the idea that the tip contains not only the payment credentials, but also other credentials such as proving that you are over 18 years old.

If you want to provide a keychain for use, such as at the Glastonbury Music Festival, it’s different from the general-purpose payment use case because it brings in all of these promotional issues and branding.

Items used on the subway may not be the same as those used to go to nightclubs and sporting events.

I’m looking at key rings and watches, but I put them in Lucozade’s drink bottles.

I put them in the Golden Globe Awards so I know which is the real thing and which is the press copy.

If an object has an identity, you can connect it to the digital world. You now have this bridge between physics and digital.

There are millions of different ideas about what people are trying to use this technology for. We are currently focusing on payments as it is our big business. But in the future people will use it for all sorts of things.

Digiseq connects the digital and physical worlds

Source link Digiseq connects the digital and physical worlds

Related Articles

Back to top button