Covering Disruptive Technology Powering Business in The Digital Age

Written by: Khairul Haqeem, Journalist, AOPG.

The convenience and security of online payment systems have increased greatly in recent years. Digital payments are widely accepted in modern society. But doesn’t it annoy you that there are a million QR codes to scan at the checkout counter? That may be a bit of an exaggeration but I am sure you can relate.

The current values of the Electronic Know-Your-Customer (e-KYC) market in Malaysia are RM 7.9 million, while the Digital Payments market is RM 87.8 billion. The CAGRs for both markets between 2022 and 2027 are projected to be 21.5 and 18.5 per cent, respectively. According to a new study by cybersecurity firm Surfshark, the number of security breaches encountered by Malaysian internet users skyrocketed by 733% from Q1 2022 to Q2 2022, with over 665.2K incidents reported. This makes Malaysia the eleventh most frequently breached nation in the world.

A Secure and Reliable Unified Platform for E-Payment

To help Malaysians navigate into an increasingly cashless future securely, Tekkis recently announced an intriguing approach to building a unified, secure, and reliable e-payment platform.

Tekkis CEO and creator, Joshua Smith, believes that the e-payment platform has finally reached critical mass in the modern digital environment. You may see that more and more street vendors and mobile food cart sellers are accepting electronic payments simply by visiting your local “Pasar Malam,” (night market) today. There are currently far too many options for how to make an online payment, from traditional banking services to well-known e-commerce websites. Having so many options also exposes users to more potential threats, such as the recently surfaced QR code fraud. As Joshua put it, “the increasing number of security breaches have proven that better measures are required in order to safeguard the digital growth of Malaysian businesses.”

Thus, the main purpose of the event was realised: The official introduction of their e-payment and identity verification solutions, t-Pay and t-Verify.

t-Pay was introduced as a payment gateway that can be implemented into any website or app, allowing companies to take online payments in a flash and with complete peace of mind. With features like Contact Pay’s List, Payment Link, Payment Form, and Recurring Card Payments, Joshua said, any business, no matter how small, will have a safe and reliable online payment solution.

It was also said that users may save preferred individuals or groups of payees and subsequently include them in pre-filled payment forms, as well as generate payment links for customers to complete transactions within a certain time frame or merchant links for transactions involving varying monetary amounts. This should eliminate the need to repeatedly enter your credentials, even when dealing with a regularly engaged payee.

Velocious Identities Verification

In tandem with t-Pay, Tekkis’ Machine-Learning and Artificial Intelligence technologies are integrated into t-Verify, allowing businesses to validate that their clients are human beings and not imposters.

“Almost all online businesses have problems with fake accounts,” Joshua remarked.

Hence the motivation behind creating t-Verify. In order to acquire and convert new users around the clock, t-Verify was developed as a tool that allows consumers to verify their identities at any time, from any location, using only their ID (IC in Malaysia) and their face.

Tekkis’ t-Verify uses real data to make quicker, more accurate verifications, and it includes multiple checks at various points in the process, with additional security measures powered by API and AI features like t-Verify ID, which lets users scan their photo ID from any device including legacy 3G devices, and t-Verify Face, which uses real-time detection to detect the genuine presence of users through selfie verification. Tekkis claimed that identity verification with their system takes less than 30 seconds because of its precision and reliability.

A Promising Start-Up

“A better verification and payment system is not an end-all, be-all solution,” Joshua declared.

From the standpoint of the customer, I agree with Joshua. A payment and verification system has to be adaptable, scalable, and responsive to changing circumstances. The progeny of Tekkis will undoubtedly get better as time goes on. I’m curious and hopeful to see the under-30-second bank transfers Joshua mentioned during the event eventually come true.

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