

At CES 2024, Lordsystem (official site) introduces Journey.PASS, its digital safety and private privateness platform, is the spine of the Journey.PASS Cell Passport service. Journey.PASS (the platform) merges identification with monetary and tourism companies for international travellers. It permits customers to carry out a lot of transactions solely utilizing a cell app as a substitute of requiring a type of authorities ID that may be simply misplaced.
In accordance with Interpol, officers worldwide performed 1.7 billion searches for misplaced passports in 2021. Shedding a passport can rapidly take a enjoyable journey down the drain and we might ideally use our passports solely when obligatory simply to scale back the chance of loss. Locations like Obligation-Free shops or practice stations are prime locations the place ID papers are misplaced or forgotten.
Enter Lordsystem’s Journey.PASS Cell Passport service. It’s a digital passport substitute that permits safe identification and monetary transactions to occur at locations like Obligation-Free shops, Casinos, Airports, Lodges, Public Transport, and extra. Retailers are very enthusiastic about this as a result of a greater person expertise might result in increased gross sales.
To get onboarded, folks should create a cell passport from a bodily one. The appliance will learn the passport data and carry out a personality recognition move. Subsequent, it is going to learn the passport chip to confirm the passport. Lastly, it is going to match the newly created cell passport with the person biometric data (native telephone fingerprint and face ID). The cell passport will probably be archived in a proprietary blockchain.
When utilizing the cell passport, a QR code is generated and will be scanned by a retail level of sale, identical to numerous cell cost programs function. That approach, the cost and ID verification occurs on the similar time. With taking part motels, friends can use an automatic check-in level as a substitute of ready in line for workers. Principally, all locations the place your ID must be verified may probably profit from this smoother course of.
Lordsystem envisions a world the place its know-how is broadly accepted, making it seamless for travellers to pay with out foreign money change (there would nonetheless be a 1% price). Utilizing public transportation would even be much more handy as a result of it’s simpler to cost anytime from a number of monetary sources. In lots of Asian international locations, charging a transportation card must be carried out with money solely, and that’s a serious downside of the established system.
The e-wallet facet of the app is fascinating from a enterprise standpoint as a result of it provides a possibility for the corporate to do some arbitrage or at the least get some curiosity from the deposited money, in my view. Nevertheless, the sizeable enterprise will come from the charges generated on the gross sales level and maybe different SaaS companies. The corporate estimates the market to be value about $20 Billion proper now.
It’s arduous to construct and function a world ID system that’s acknowledged and licensed by different international locations, so the truth that Lordsystem operates in Japan exhibits they’re heading in the right direction. Apparently, 10 East Asian international locations will be a part of quickly. If they’ll spur adoption worldwide, we’re taking a look at a community that might expertise super development.
Lastly, there’s additionally a bodily debit and transportation card that’s accessible in Korea. I’ll attempt it subsequent time I’m in South Korea as a result of that may be way more handy than the T-Money card I’ve used till now.
Filed in CES, CES 2024, Finance, Korea, SBA, Seoul, Seoul Business Agency, Startups and Travel.
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