Last week, I was booking a cab and realized that I had no money in my payment wallet. After entering my bank account information, I was led to a portal where I had to enter a “one time password” (a random string of numbers and letters) that was sent to my email. When I opened the email application on my phone, the taxi hailing app decided to restart and took me back to its landing page. This happened multiple times.
In a world where I can have groceries, laundry, and transportation at my doorstep with the swipe of a finger, the one thing stopping me from living a life out of The Jetsons is the fact that all of these conveniences require that I go through an antiquated payment process.
With iOS8, Apple released Touch ID, a feature that can identify a user’s fingerprint. This was a giant step toward improving identification and authentification processes – but only for those who could afford an iPhone. For the rest of us, Bengaluru-based SayPay Technologies is revolutionizing user recognition software by utilizing the most basic capability of every phone: voice.
SayPay analyzes sound, pattern, and rhythm in order to come up with a unique identity for each person. The startup claims that your vocal identity is as unique as your fingerprint.
“Each voice has its own characteristics,” explains Ramsyam Missula, co-founder of SayPay. “The voice biometric looks at these characteristics and makes a distinguished profile.” If an individual has a cold, or a sore throat, the SayPay portal requires an extra level of confirmation. “When customers sign up, we ask them to speak multiple codes out loud,” Ramsyam says. “This allows us to detect nuances in voice and help better identify someone if they are sick.”
Payment systems that use SayPay prompt customers to recite an 8-digit code in order to verify their identity. SayPay can be used on any phone– smart or feature. As Ramsyam explains, this provides millions of customers in India with access to more secure payment options.
Can’t bank on a one-time password
A woman walks through the Sunderbans Forest in Calcutta, India on her cellphone.
SayPay and US-based VoiceVault ViGo partnered in May in order to bring VoiceVault’s technology to the payments world.
Launched in 2015, SayPay is still in its early stages. It is currently partnering with two banks but eventually hopes to integrate the solution with bill and ecommerce payments.
Currently, payment authentication in India requires the use of a text-based one time password (OTP). This password is sent to a registered mobile number or an email address which then needs to be entered into the payment channel. “This is neither safe nor efficient,” explains Ramsyam. “The text password takes a long time to receive and input and, after that, still provides minimal authentication – anyone who gets a hold of your OTP can access your money.”
According to recent reports, India is among the top 10 countries where online banking continues to be unsafe. Between April and May 2014, global security intelligence and technology company Kaspersky Lab blocked 341,216 malware attempts on users from online banking accounts.
Others in the domestic payment sector have also started to take notice of the importance of voice authentication. ICICI Bank paired with Nuance Communications earlier this year in order to offer direct voice biometric authentication for its customers. The technology detects an individual’s identity and connected bank account in the first 35 seconds of speaking. It also provides a venue for simplified money transfers. This technology can also be used to detect an individual’s moods— if he or she is agitated, sales pitches will be avoided.
Security always pays off
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