US firm eyes businesses with digital payments authentication platform

What you need to know:

Boloro Global has partnered with BCK Kenya to sell digital payments authentication products in the country.

New York City-based technology company Boloro Global has partnered with BCK Kenya to sell digital payments authentication products in the country.

Boloro CEO Karl P. Kilb III said demand for a flawless cashless transactions via the web and on mobile platforms called for products that enhance user-identity and platform reliability.

“The vulnerabilities of the internet to hacking and the prevalence of malware on operating systems by fraudsters is becoming more and more sophisticated. Boloro’s patented process separates the authentication from the internet and operating system, providing a secure, user-friendly way for people to verify their identity and validate their transactions,” said CEO Kilb.

During a transaction, Boloro Authentication sends a verification message via text channel where a user completes the transaction via a memorised PIN.

“Even if your government ID has been compromised, Boloro’s authentication protects you because the process requires your physical phone and memorised PIN and avoids the internet and operating system,” said CEO Kilb.

Mr Kilb added that once a user confirms the transaction a back end keystroke-by-keystroke audit trail is retained providing the transaction history that can be used to establish credit worthiness, promoting financial inclusion.

BCK chief executive Pat Muthui said the secure authentication would help Kenyan businesses have confidence when using cashless platforms.

Latest data shows mobile phone-based payment transactions rose Sh307.16 billion in the first nine months of 2019 largely driven by growth in e-commerce.

Mobile payments increased the highest rate in three years at 10.48 percent between January and September 2019, hitting nearly Sh3.24 trillion from Sh2.93 trillion a year ago.

This means Kenyans transacted an average of Sh11.86 billion daily through mobile payment channels largely pay bill and till numbers. This was Sh1.13 billion or 10.53 percent more than Sh10.73 billion in the same period of 2018.