Posts

Wind down from a busy day with some ecommerce highlights of the day.

 

1. Indonesia’s Kudo raises an eight digit funding round from Emtek

Kudo CEO Albert Lucius said, the funds will be used to establish a “network presence” throughout suburban and rural areas in Indonesia. Read the full story here.

 

2. 1 in 10 of online shoppers get cold feet and abandon their basket

The report also found that price savvy younger consumers (18-to-24 year-olds) are the most difficult age group to convert from online browsers to buyers. Read the full story here.

 

3.  Thai Banks, NBTC agree on 5 step m-banking security plan

The participants have agreed on a five-step plan to tighten KYC rules to increase confidence in eBanking and mobile banking in the run up to the launch of Thailand’s Promptpay national mobile payments system. Read the full story here.

 

4. Coach closes handbag shop on Alibaba’s Tmall

A Coach spokeswoman declined to explain the reasons behind the decision, beyond saying it wanted to consolidate resources. Read the full story here.

 

5. Ant Financial Buys Startup EyeVerify For $70M, Eye Scan Payments in the Works For Alipay

EyeVerify checks identities through eye-vein patterns and creates a digital key equal to a 50-character complex password. Users hold their smartphone about 12 inches from their face so a picture can be taken, opening up apps or websites on their device. Read the full story here.

Ant Financial, the payments affiliate of Alibaba Group Holding Ltd., acquired EyeVerify Inc., to expand services using the US startup’s authentication technology for securing consumers’ online data and transactions, reports Deal Street Asia.

Ant is paying approximately $70 million for the Kansas City, Missouri-based company.

EyeVerify, which uses pictures of the human eyeball to unlock mobile services, will become a wholly-owned unit of Ant Financial, according to a statement from the company.

This is Ant Financial’s first investment into the US. The company plans to use the technology to upgrade its own security systems and could eventually apply it to a future US-targeted product. With 450 million customers and services spanning online payments platform Alipay, peer-to-peer lending and wealth management funds, Ant plans to integrate EyeVerify’s technology into more of its products.

“Full integration will allow us to move faster and agile in a way that we can apply the technology in China and globalization strategy in India, and places where Alipay will expand into the next few years,” says Jason Lu, vice president of fraud risk management at Ant Financial.

How does EyeVerify work?

EyeVerify checks identities through eye-vein patterns and creates a digital key equal to a 50-character complex password. Users hold their smartphone about 12 inches from their face so a picture can be taken, opening up apps or websites on their device. Passwords can become a thing of the past.

Ant Financial’s deal comes as Alibaba increases its profile in Silicon Valley with investments including Snapchat Inc., mobile search provider Quixey Inc., and ride-hailing service Lyft.

Lu says that eventually, Ant Financial wants to reach up to 2 billion customers around the world. For now, Ant Financial is taking a very slow and deliberate approach to the US market.

A version of this appeared in Deal Street Asia on September 13. Read the full version here