, an Indian microfinance institution (“MFI”) is using ClassifEye’s
innovative camera-phone-based transactions and authentication solution to expand its customer base and allow their agent-serviced customers to improve their financial reach.
Dr. David S. Gibbons, CEO of Cashpor India pointed out the challenge of reaching rural populations with cost-effective, appropriate technology and products in a financially sustainable manner.
He expects the secure, better-quality and more timely transaction information, available through the ClassifEye mobile phone solution, to help in monitoring operations and hopes the solution will aid officials in making more informed management decisions and in planning timelier follow-up.
The CEO of ClassifEye, Rami Cohen, also indicated that it has been very difficult to profitably expand MFI activities due to the economics involved in bringing trusted authentication methods to huge rural environments.
ClassifEye’s scalable, secure solutions leverage camera-enabled mobile phones and eliminate any additional hardware to allow rural Indians to access services that were previously out of their reach. Cohen pointed out that a number of vendors and merchants will now be able to access new markets of hundreds of millions of people. The services offered by these providers will change the lives of these people and also provide new opportunities for microfinance and commerce throughout the developing world.
The MFI field agents can quickly be trained on the scalable ClassifEye’s transaction solutions and an almost endless number of agents can be active on the system at any time.
ClassifEye’s solutions can work both online and offline, are highly secured, and comply with common security standards for Internet banking.
According to a recent consumer survey
by fingerprint sensor manufacturer AuthenTec
, the majority of mobile phone users would like to have fingerprint authentication on their devices. Today, mobile devices offer more advanced capabilities, including financial transaction functions, and the consumers thus want better security. Over 69 percent of the respondents in the survey said they will feel more secure about conducting mobile financial transactions through their mobile phone if it featured a fingerprint sensor.
Anuradha Shukla is a contributing editor for TMCnet. To read more of Anuradha’s article, please visit her columnist page.
Edited by Stefania Viscusi