The Future of Contactless Payment Technology

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July 28, 2024

In recent years, contactless payment technology has emerged as a transformative force in the financial industry. This technology is currently reshaping the payment landscape, with smartphone-based payments accounting for more than 50% of global revenue.

Driven by technological advancements, contactless payment technology has seen a significant surge in popularity as it is increasingly becoming a preferred choice of payment for consumers across the globe.

A Forbes article “The Future of Contactless Payments: Three Predictions for the next five years”, revealed in one of the predictions that contactless payments will supersede cash and traditional credit cards.

The article further revealed that contactless payments have continued to gain widespread adoption with 48 countries increasing their spending limits on contactless transactions. The average contactless limit increase after COVID-19 was 131%.

Similar increases are expected in the U.S., which currently has a limit of $100. Even countries that prefer cash payments, such as Germany, have become enthusiastic adopters. Before the pandemic, Germany had 35% of transactions being contactless, now more than half of overall purchases are touchless.

These preferences by customers are poised to likely cause contactless payments to overtake cash and traditional credit cards within the next three to five years. At the Zenith Tech fair event held in 2023, Vice President & Head, West Africa Andrew Uaboi, revealed that 74% of business owners expect consumers to prefer contactless payment.

A recent study reports that 27% of small business survey respondents have seen an increase in customers using their mobile phones or contactless cards to pay. Also, according to a March 2020 report, the global contactless payments market size is expected to go from $10.3 billion in 2020 to $18 billion in the next five years, which corresponds to an 11.7% compound annual growth rate (CAGR).

The contactless payment market has continued to skyrocket, and is forecasted to quadruple to $164.15 billion by 2030. Alongside merchants, Central Banks across the globe, are actively pushing out a central bank digital currency (CDC) to capitalize on the contactless trend.

With a growing number of consumers and businesses embracing this technology, a report by Juniper Research revealed that the value of contactless transactions is expected to reach $6 trillion by 2024, up from $2 trillion in 2020. This surge is fueled by the widespread use of contactless cards, and mobile wallets, amongst others.

Here’s a look at how this technology is reshaping the payment landscape

Increased efficiency for businesses

A significant number of merchants say contactless payments have helped shorten checkout lines, reducing wait times for customers. They further reveal that contactless payments have decreased average transaction times, helping to streamline operations. Contactless technology offers a seamless payment experience, which explains why 84% of merchants say an increasing number of customers are using them.

Enhance convenience for consumers

The heightened convenience of contactless payment solutions benefits customers as well. Merchants say contactless payments have improved customer satisfaction. As a hassle-free way to make purchases (and one that eliminates the need for physical currency), 45% of respondents to a global consumer survey said they prefer contactless payments, to traditional cash transactions.

Elevate security for transactions

The security protections of contactless payments- including circuit chips, encryption, and network tokenization, benefit consumers, merchants, and financial institutions. Three in five merchants that accept contactless cards indicate a decrease in fraud rates, particularly reduced card skimming, which benefits consumers and BFS providers alike. With enhanced security in mind, nearly two-thirds of consumers will shop with merchants accepting contactless payment over those not.

Challenges and Considerations

While the future of contactless payments looks promising, there are several challenges to address:

1. Security Concerns: Despite advancements in security measures, concerns about data breaches and fraud persist. Ensuring robust security protocols and educating consumers about safe payment practices are essential to mitigate these risks.

2. Infrastructure Development: The widespread adoption of contactless payments requires robust infrastructure, including POS terminals and digital payment networks. Developing this infrastructure, especially in emerging markets, is crucial for the continued growth of contactless payments.

3. Digital Divide: While contactless payments offer numerous benefits, there is a risk of exacerbating the digital divide. Ensuring that all segments of the population have access to digital payment solutions and the necessary digital literacy is vital for inclusive growth.

Conclusion

The mutual benefits of contactless payment technology are transforming the future of transactions, not just for customers but for merchants and financial institutions alike. From simplified payment processes to amplified security measures for each transaction, contactless payment solutions help power a frictional payment experience that will continue to improve over time.

This mode of payment has no doubt become a catalyst for the next generation of payments, and the gateway for the countless possibilities in the world of connected devices. As the payment landscape evolves, we can expect more secure, convenient, and innovative solutions that cater to the needs of a diverse global population.

Operating System Kernel, Microsoft Weakness and Crowdstrike Massive Outage

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Tekedia Editors

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July 28, 2024

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The massive CrowdStrike outage that took down millions of computers last week will cost Fortune 500 companies more than $5 billion, one insurer now says. Banking and healthcare companies could take the brunt of the hit, as will the major airlines. CrowdStrike said Wednesday that buggy test software was to blame for the outage, which crashed more than 8.5 million Windows systems. The company is vowing to improve testing of those updates, plus stagger the deployments of future updates to limit impact. Insured losses from the incident could range from $540 million to more than $1 billion. (LinkedIn News)

Key things to Note:

The creation of the Internet was not fully understood by those in power, including technologists, as evidenced by the openness of operating systems like Windows.
Windows allowed access to both kernel space and user space, providing developers with significant power and flexibility.
Security companies, like Symantec and McAfee, leveraged kernel access to develop antivirus and malware detection software in the 2000s.
Microsoft introduced PatchGuard in the run-up to Windows Vista to restrict third-party access to the kernel, sparking backlash from security companies.
Despite initial resistance, Microsoft eventually made concessions to security software makers under pressure from the European Commission.
CrowdStrike, a cloud-based security company, recently caused a widespread system crash due to a faulty update that impacted millions of Windows computers.
CrowdStrike’s software operates in kernel space, making its bugs capable of crashing entire computers, unlike programs that run in user space.
Microsoft’s ability to restrict access to kernel space is limited due to agreements made with regulators following antitrust complaints.
The recent system crash highlights the ongoing debate over the appropriate level of access to kernel space for security software and the implications for tech regulation.
Cloudflare CEO Matthew Prince warns about the potential consequences of consolidating security under one provider like Microsoft, highlighting the importance of open competition among security vendors.
Prince argues against standardizing security solutions on Microsoft, emphasizing the need for diverse security providers to prevent potential catastrophic failures.

In the realm of technology, the debate over access to kernel space in operating systems has taken center stage, sparking discussions on its implications for software development and cybersecurity. Kernel space serves as the protected core of an operating system where critical functions operate, while user space accommodates user applications. Recent events like CrowdStrike’s system crash due to a faulty update have underscored the importance of regulating access to this crucial area for security software. This issue ties into broader themes such as tech regulation and the delicate balance between fostering innovation, ensuring competition, and safeguarding user safety in the rapidly evolving tech landscape.

Moreover, historical contexts like Microsoft’s past antitrust complaints shed light on how regulatory interventions can shape market dynamics and influence technology companies’ trajectories. As cybersecurity threats continue to evolve, there is a growing emphasis on open competition driving technological advancements in antivirus and malware detection software. The future outlook points towards ongoing debates surrounding kernel space access regulation for security software and its potential impact on industry competitiveness. Ultimately, navigating these complex intersections between innovation, regulation, and security will be crucial in shaping the future landscape of technology companies and cybersecurity practices worldwide.

Yet, while acknowledging the complexity of technological advancements and the distributed nature of expertise involved in their development, it is important to critically assess claims regarding the understanding of foundational technologies like the Internet by individuals in power. While it may be true that not all stakeholders fully grasped every aspect of these innovations, attributing the openness of operating systems solely to a lack of comprehension oversimplifies the intricate decisions and trade-offs made during technology development.

Furthermore, highlighting kernel access as a primary driver for security software innovation overlooks the inherent risks associated with unrestricted access to critical system components. While security companies may have leveraged kernel access for antivirus solutions, emphasizing this aspect without considering potential vulnerabilities introduced by such access presents an incomplete picture of cybersecurity challenges.

In discussions surrounding regulatory influence on tech giants and market dynamics, it is essential to approach claims about concessions made under regulatory pressure with caution. While regulators can play a role in shaping industry practices, attributing significant shifts solely to external pressure neglects internal strategic considerations and broader industry trends.

Moreover, arguments against standardizing security solutions on specific providers should consider both the benefits of diversity among security vendors and potential advantages of standardized protocols for enhancing cybersecurity resilience. Balancing competition with interoperability and standardized practices can be crucial for addressing evolving threats effectively while ensuring robust protection for users across diverse technological ecosystems.

The Igbo Women’s August Meeting

By

Ndubuisi Ekekwe

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July 28, 2024

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As August arrives, let me show my admiration to the special people who continue to build a Nation. Yes, every August, married Igbo Women return home, hold meetings and architect roadmaps for their matrimonial communities:

“August meeting is an annual congress held by the Igbo women in August, it is a massive homecoming whereby Igbo women in the diaspora and the cities travel back to their matrimonial villages to meet with their local counterparts to discuss matters about the community development, conflict Management, human development, and other socio-economic and cultural initiatives. The meeting is a three days ritual and it is divided into three parts, the first is held at the village level, the second within the community, and the third is held in churches where thanksgivings are held to mark the end of the meeting”.

This meeting happens in every Igbo community in Southeast Nigeria and beyond. They examine everything, from fixing schools to empowering women in rural areas. Yet, despite what they do, these women rarely ask for accolades. Their husbands stay in the cities while they are doing the strategic works to fix Igbo communities. Why do Igbo Women do all they do without blowing the trumpet? Follow me…

I posit that Igbo Women generally want their husbands to be stars. In other words, Igbo Women derive so much joy when their husbands are successful or as seen as successful. Because of that, they mask their huge impacts, promoting their husbands.

That reverence becomes evident when you see a young lady of the same age as the husband calling the man “Nna-anyi” [our lord]. When a mother tells the daughter “Di bu ugwu nwanyi” [husband is the dignity of a woman], what she is saying is clear: above all, adore and respect that man.

Men respond by anointing wives as “odozi aku” [one who keeps and preserves wealth] and “ori aku’ [one who enjoys wealth]. A man may not have a watch but will thrive to buy a gold-plated watch for the wife! Yes, they acknowledge that until the women have determined to preserve the wealth, building it is all vanity.

But remember: the person who keeps wealth is the one who knows about the wealth. Yes, when the stakes become high, women take over. In 1929, Aba Women made it clear to the British that some of those new unjust taxes would not be accepted, even though men had agreed. It was then the British knew the real accountant generals of every Igbo family.

Mothers of the Nation, as you travel for the August Meeting, I wish all safe travels.

Ndubuisi Ekekwe

Inaugural President, Uke-Udo Ugwunta Ovim

(Peace Age Grade, Ugwunta Ovim, Abia State)

Register for Tekedia “Igba-Boi: The Igbo Apprenticeship System” Program | $400 or N200k

By

Ndubuisi Ekekwe

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July 28, 2024

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We invite you to register for Tekedia Igba-Boi: The Igbo Apprenticeship System program. The cost is $400 or N200,000 per participant; we have many payment options here. Once you register, you begin as it does not have a start time; it is on-demand which means you have access immediately. Also, groups can register just as individuals can also register.

The Tekedia Igba-Boi: The Igbo Apprenticeship System program is designed to run for 8 weeks and is structured to prepare learners on the mechanics of the Igbo business worldview philosophy of entrepreneurial stakeholder capitalism where everyone rises, and not just a few. The program includes pre-recorded videos, business cases and written materials. (Igbos majorly live in Southeastern Nigeria).

The Igba-Boi business framework has been globally recognized as the largest venture funding model in the world. So, it deserves to be understood, mastered and scaled, just as Japan’s Kaizen, China’s Confucius and other global frameworks.

As the world looks for how to manage the disruption in global economies as a result of technology, we remind all nations of “onye aghara nwanne ya” [do not leave your brethren behind] which the Igbos in Africa have practiced for centuries. “The Igbos in Africa have been practicing for centuries what is today known as stakeholder capitalism”, I wrote in Harvard Business Review.

Entrepreneurial capitalism will fix frictions in markets. Igba-Boi presents a framework to advance the wealth of nations – and the wealth of a people. At Tekedia Institute, our program will help with that translation. Register here.

The House Always Wins! RLBK Revenue Share Model is a No Brainer for MATIC and UNI Holders Seeking Greater Rewards

By

TI Partners

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July 28, 2024

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With August around the corner, investors are looking for the next big DeFi tokens to invest in. Established coins like Polygon and Uniswap are experiencing massive dips, while newcomer Rollblock (RBLK) is quickly making waves, raising over $1.5 million in its presale.

Polygon (MATIC) Struggles to Maintain Momentum

Last week, Polygon (MATIC) saw a massive 743% surge, all thanks to the launch of Ethereum’s nine spot ETFs. However, Polygon has failed to maintain momentum this week. At the time of writing, Polygon is trading at $0.4865 after an intra-day decline of over 7%.

According to analysts, the only way out of these depths is if institutional investors show interest in Polygon. In the past, these investors have highlighted Polygon’s growth potential and influenced overall investor confidence. If the same trend continues, there is some chance of a Polygon resurgence soon.

Uniswap (UNI) Torn Between Opportunities and Bearish Trend

Uniswap has recently announced a huge upgrade of UniswapX which will improve transaction speed and efficiency. However, it seems like this upgrade is to revive Uniswap from its current downtrend.

At the time of writing, Uniswap is trading at $7.14 after a massive intra-month decline of 25%. Analysts are predicting a bearish Uniswap trend in the following weeks, partly triggered by Etheruem’s decline, which could result in further Uniswap crashes.

Rollblock’s (RBLK) Crypto Casino is Taking the Market by Storm

Rollblock is the hottest DeFi token in the market right now. In just stage 4 of presale, Rollblock has already accumulated over $1.5 million with more than 6,000 active users on the platform. By bringing Web3 technology to the world of online gambling, analysts expect Rollblock to see massive gains in the following weeks.

Rollblock’s GambleFi project offers a crypto-based casino with more than 150 AI-powered games. If that wasn’t enough, then they plan to introduce a sports betting feature where users can place high-stakes bets on popular sports events. Since every financial transaction is inscribed on the latest blockchain tech, it is impossible to alter bets once they are placed.

Apart from earning RBLK tokens by winning games, Rollblock also has an innovative profit-sharing model. Each week, the platform uses 30% of its casino revenue to buy back $RBLK tokens from the open market. After burning half of these to keep supply low, the remaining half are rewarded to stakers for holding the token.

Additionally, Rollblock allows users to sign up without needing to pass KYC checks. Players can sign up using their email address, connect their wallet, and start playing or betting right away.

At the time of writing, Rollblock (RBLK) is trading at $0.0172. With a fixed supply of 1 billion RBLK tokens, analysts are anticipating a potential 880% rise in value by the end of presale. If Rollblock can maintain this strong momentum, then RBLK may become one of the top 100 cryptos within a year.

Discover the Exciting Opportunities of the Rollblock (RBLK) Presale Today!

Website: https://rollblockpresale.io/

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The Future of Contactless Payment Technology