Safein — Bridging Gaps in E-commerce Industry
By: Vladas Jurkevičius
Tags: ICO, Fintech, Payments, Cryptocurrency, Blockchain

E-commerce today still suffers from numerous shortcomings, in particular:

- for users: excessive registrations, lack of privacy, inadequate cyber security, limited possibilities to pay in a medium preferred by the client;

- for merchants: suboptimal conversion rates due to troublesome and widely hated check-out procedures, complicated and expensive user verifications, increasing account management costs, etc.

These key problems could and should be properly addressed by a holistic, integrated and simple-to-use solution. Responding to the needs of the market, Safein team is on a mission to bring a solution that has been specifically developed around tackling the issues presented above. Safein end product, in a nutshell, will be a user-centric universal digital wallet that provides its users a self-controlled identity management, single-sign-on and authorization as well as payment functionalities — all in one place, with just a few clicks and no need for a keyboard.

So, despite the fact that the market experiences abundance of digital identity management platforms, compared with Safein, there is no existing solution that would put as much focus on ease-of-use, integration and cyber security, as well as allow users to take full control of how their data is managed. Moreover, Safein is bridging gaps in the market by providing the only universal solution that allows managing multiple accounts requiring digital identity, as well as making payments in both fiat and crypto — all accessible in one digital wallet through one seamless experience.

For illustration, let‘s explore a comparison of some of the peer solutions (currently operating or promised soon-to-be released to the market) with the unique product proposition of Safein. For this comparison, we have selected peer solutions that promise comparable features Safein product is built around (digital identity management / sign-on solution, as well as check-out / payment solutions in crypto and fiat).

Peer comparison: the market lacks a trusted holistic and easy-to-use solution for single sign-on, ID management and payments

Users Love the Concept of Single Sign-on, But Hate That Existing Solutions Exploit Their Private Data

For any commercial activity online, user onboarding is one of the most important experiences that lead to better user engagement and higher conversion rates. The success of single sign-on solutions, such as Facebook and Google account login buttons, is a proof that Internet users value simplicity and expect consistent login experience across various websites they visit online. However, existing solutions have significant limitations.

One major issue with these solutions is that user accounts are not necessarily fake-proof and hence limit user access to services that require proof of real, trusted identities. At the same time, it imposes various costly fraud-prevention measures that merchants must employ to limit their risk.

Another issue is that while there is a growing concern worldwide for the right to be forgotten, Facebook and Google make billions of dollars every year by collecting and selling user identity and online activity related data to 3rd parties; hence, it is against the interests of the incumbents to give away control of personal data back to the people. Despite the resistance, concerned users will eventually reach a critical mass, resulting in a revolution in the way these online giants treat user data and respect user privacy. And it seems that such times are coming soon — as illustrated by, for example, Facebook losing users to apps like Snapchat that allow sharing photos and videos which disappear from online domain, tightening data protection regulations and growing number of legal precedents. Safein recognizes that privacy is of a major value for user online experience and takes necessary action already now — builds its product empowering users to demand 3rd parties to delete their personal data, explicitly commits not to sell user data to 3rd parties and passes the information only on a need-to-know basis, ensuring maximum possible level of anonymity online.

Safein recognizes that privacy is of a major value for user online experience and takes necessary action already now

Sizeable Market Segments Are Underserved by Existing Solutions

E-commerce is enjoying an unparalleled growth, with some of the most valuable companies in the world leading the game (think of Amazon, for example). Huge resources are put into developing payment solutions that try to minimize hassle for checkout processes and maximize conversion for merchants.

Building on the best practices in the market, Safein aims to be one step ahead and deliver a truly integrated solution with fiat and crypto currency payments, as well as convenient and secure management of digital IDs in one place. In this way it enables hassle-free and cheap KYC and authentication services for the underserved part of e-commerce market — less established or regulated merchants (currency exchanges, betting houses, digital good salesmen, etc.). While benefits for these market segments are most obvious, Safein will be able to successfully compete for other verticals for both users and merchants due to its revolutionary product value proposition.

To put it short, Safein team‘s ambition is to finally enable online customers to properly secure and manage the personal data used for e-commerce: have instant access to payments for services in whatever currency they wish, with no delays for KYCs or deposit transfers. None of the existing solutions can offer that.