INTRODUCTION
There have been tremendous growth in e-commerce but there are lots of improvements on, for instance,data protection, cyber security,money laundering and monopolisation of numerous sectors. Moreso online shopping is exceedingly complicated and becomes wearisome for instance, the repeated registration,verifications and password recoveries that is the order of the day for online customer experience.
PROBLEMS IDENTIFIED
Poor Experience With E-commerce: There is a great transformation in the Internet and it becomes so popular,personalised online standard for procedures,keeping tracks of "who is who" became a huge concern for the online community. The Internet is created without an identity layer. Online merchants,forums and stakeholders decided to create this layer from the surface with each website solving this challenge internally which as a result gave rise to a great great pain of signing up and creating different account for every website visited. It gets to a point of irritation,when the same data is been submitted numeriously and on countless occasions.
Also KYC (Know your customer ) and Anti Money Laundering (AML) becomes the order of the day,making customer on boarding challenging as using financial or other regulated service online and in some situations personal documents is required for submission and verification process to take place. The delay time frame between account creation and verification discourages potential customer,they would rather regulate service provider eg inferior bank,Or they abandon buying anything online as a result and with the aim of avoiding the trouble of getting to print,sign,scan and submit their passports or utility more often.
Likewise multiple accounts and different password are difficult task to handle for either a user or a merchant,because 30-40% of calls made to support center is related to password and acount recovery.
User not well managed due to lack of transperency.
Other problems identified include-online security threats,which involves loss of client data from hacking or online leakage barriers for regulated businesses. There is also problem of Universal E-WALLET.
SAFEIN STEPS IN
In the light of all the cyber world problems listed, Safetin seek to create a single sing-on and payment solution which one can be used universally on all website. This singular act will exterminate the traditional way of numerous creations of accounts on different websites. The world will inturn adopt identity 2.0.
This impressive significant move in technology will abolish the ineffectiveness of KYC ,with no delay for KYC or deposit transfer procedures,and this will effect a default customer gateway for the E-commerce activities. In the same same vein,Safein will standardised crypto payments on all commerce website. Users will be able to login into websites directly with no registration. If the User is signing into forum for instance, the forum usually only needs to know users display name or some unique identifier enabling it to seperate the user from others. It will never reveal data like - full name,address etc.
Also,with Safein, users will have full control of their login and activities and can track and manage them also. KYC will be AI powered document checking algorithm, such checks will be where users will only need to scan their ID with their camera and take selfies will be sufficient for most users. When it comes to advance verification, users need to agree with specific regulations such as crypto curriences,it will be done by Safein team manually and it may take just few minutes.
TOKEN DISTRIBUTION
Safein will leverage its token to grow its users base and acquire merchants. Likewise making use of Safein platform will bring rewards for both users and merchants for using innovative payments and identity management solutions.
CONCLUSION
The outdated technology caused a lot of setbacks for E-commerce. SAfein stepped in to fix this challenges by abandoning the outdated/old-fashioned ways/method and accepted the modern way/method of managing online identity and shopping experience,conducting all payments with a single account.
Website: https://www.safein.com
Twitter: https://twitter.com/safeincom