VEON Launches Geolocation Gateway, Enabling Proximity-Based Digital Services
- VEON Ltd. collaborates with Nokia and Infobip to launch Geolocation Gateway
- Gateway based on GSMA Open Gateway framework for universal APIs
- Enables proximity-based commercial services, fraud reduction, and emergency response
- Allows applications to determine device location for various use cases
- Benefits financial institutions, commercial companies, and emergency services
- None.
Insights
The introduction of the Geolocation Gateway by VEON, in collaboration with Nokia and Infobip, represents a significant advancement in location-based services (LBS). This technology leverages the GSMA Open Gateway framework, which aims to standardize APIs across the telecommunications industry, thereby facilitating easier integration and interoperability among different systems and providers. The potential applications of such a service are vast, ranging from enhancing customer experiences through personalized proximity-based marketing to improving security measures in financial transactions.
The strategic partnership with industry leaders such as Nokia and Infobip could provide VEON with a competitive edge in the digital services market. However, the success of this initiative will heavily depend on the adoption rate among enterprises and the effectiveness of the technology in real-world applications. It's also crucial to consider privacy concerns, as the use of geolocation data must comply with stringent data protection regulations, which vary by region.
From a financial services perspective, the Geolocation Gateway has the potential to significantly reduce fraud. By verifying the physical presence of individuals during transactions, banks and other financial institutions could lower the risk of ATM skimming and credit card theft. This technology also aligns with the increasing regulatory demands for stronger authentication methods in financial transactions.
However, the implementation of such technology requires careful consideration of the cost-benefit analysis for financial institutions. While the reduction in fraud could lead to substantial savings, the initial investment and ongoing operational costs associated with integrating and maintaining the Geolocation Gateway need to be justified. Additionally, the technology's effectiveness in fraud prevention will be a key determinant of its financial impact.
The deployment of VEON's Geolocation Gateway raises important considerations regarding data privacy and user consent. The ability to pinpoint a device's location is a powerful tool that must be balanced with the individual's right to privacy. It is imperative for VEON and its partners to establish transparent policies and secure mechanisms that protect user data and comply with international data protection laws such as the GDPR.
Moreover, the success of location-based services is contingent upon user trust. Ensuring that customers are fully informed about how their data is used and giving them control over their participation is not only a legal requirement but also a critical factor in consumer acceptance. Missteps in this area could lead to public backlash and regulatory scrutiny, potentially undermining the benefits of the technology.
Initiative builds on GSMA Open Gateway framework, ensuring international interoperability
Amsterdam and Tashkent, 21 February 2024: VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a global digital operator that provides converged connectivity and online services, today announced the launch of the Geolocation Gateway with the first implementation already in place in Uzbekistan. Building on the global GSMA Open Gateway framework for universal, open APIs (Application Programmable Interfaces) for enterprise developers, the Geolocation Gateway will enable a wide range of use cases, from proximity-based commercial services to reducing fraud in financial services, as well as supporting location-based emergency response.
The Geolocation Gateway, developed by VEON in partnership with Nokia and Infobip, allows applications to determine the location of devices. For financial institutions, the Geolocation Gateway will enable them to determine if an individual is actually present during a transaction such as an ATM withdrawal or a credit card payment. For commercial companies, it can create growth opportunities by enabling targeted communications to be sent to participating customers, with their consent, based on proximity to an event, restaurant or shop. Most importantly,for emergency services, the Geolocation Gateway will provide authorities the ability to warn individuals in specific locations about impending natural disasters such as floods, earthquakes or cyclones.
"Mobile operators are at the forefront when it comes to enabling economic growth through digitalization, especially in the emerging economies where VEON operates. With the Geolocation Gateway, we are bringing in the latest international standards to provide digitalization at scale in our markets” said Kaan Terzioglu, VEON Group CEO. “The solutions that our teams have developed and started implementing in Uzbekistan enables the usage of location-based anonymized data in a wide range of digital applications, empowering users, businesses and public sector service providers alike”.
“The Open Gateway initiative gives enterprise developers the ability to program networks and connectivity through universal open APIs. This means applications can be developed once and then integrated with every interconnected operator network worldwide, enabling the faster implementation and scaling of digital solutions,” explains GSMA Chief Technology Officer, Alex Sinclair. “We are excited to see that VEON is taking this initiative to its vibrant markets in Central and South Asia, where a wide range of use cases from disaster response to commercial growth of small and medium-size businesses could be highly relevant, and solutions could potentially be scalable to other mobile operators.”
The first implementation of Geolocation Gateway is a commercial use case where an Uzbekistan-based country-wide pizza restaurant chain worked with Beeline Uzbekistan and VEON Adtech, both wholly owned subsidiaries of the VEON Group, to grow its business through precision-marketing based on the Geolocation Gateway APIs. The solution will be scaled to other digital operators of the VEON Group and is also available for licensing by other mobile operators.
Developed in accordance with international privacy laws and data protection regulations, Geolocation Gateway provides only anonymized data to third-party service providers while all user-specific data remains held solely by the mobile operator as the trusted party. For commercial applications, all communication with individuals will be based on the legal permission policies of the jurisdiction.
About VEON
VEON is a digital operator that provides converged connectivity and digital services to nearly 160 million customers. Operating across six countries that are home to more than
For more information visit: https://www.veon.com.
Disclaimer
This release contains “forward-looking statements,” as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Forward-looking statements are not historical facts, and include statements relating to, among other things, VEON’s commercial plans. Forward-looking statements are inherently subject to risks and uncertainties, many of which VEON cannot predict with accuracy and some of which VEON might not even anticipate. The forward-looking statements contained in this release speak only as of the date of this release. VEON does not undertake to publicly update, except as required by U.S. federal securities laws, any forward-looking statement to reflect events or circumstances after such dates or to reflect the occurrence of unanticipated events.
Contact Information
VEON
Hande Asik
Group Director of Communication
pr@veon.com
TUVA Partners
Julian Tanner
julian.tanner@tuvapartners.com
FAQ
What is the name of the Geolocation Gateway launched by VEON Ltd.?
Who are the partners of VEON Ltd. in developing the Geolocation Gateway?
What use cases can the Geolocation Gateway enable?
How will the Geolocation Gateway benefit financial institutions?
What opportunities can the Geolocation Gateway create for commercial companies?
Why is the Geolocation Gateway important for emergency services?
