Authentication

Report: Digital ID’s Role In Boosting Trust In The Sharing Economy

More than 32 million U.S. consumers move every year, with the major moving season ending in September. Consumers who use storage sharing platforms to stash their stuff in unused spaces need to be able to trust the hosts with their belongings, while hosts need to be assured their renters are who they say they are, says Co-founder Anthony Paine of peer-to-peer (P2P) storage marketplace Stashbee. In the new Digital Identity Tracker, Paine discusses why digital ID verification tools could hold the key to sharing platform satisfaction.

Trust is essential for consumers booking a stay at an Airbnb or a Lyft to the airport. They want peace of mind knowing their service providers are who they say they are. Likewise, those who offer services through these platforms need to be able to trust that users have been thoroughly vetted to deter any potential foul play from bad actors by verifying their identities.

Building consumer trust during the COVID-19 pandemic is a tall order as sharing economy providers such as Airbnb and Uber struggle to recover lost revenues. They must reassure customers they are safe from viral contagion in sharing economy spaces while ensuring their personal data is secure from rising incidents of fraud.

The sharing economy is projected to reach more than $300 billion in global revenue by 2025, yet identity verification provider Jumio found that one in five adults using sharing services feel insecure. In the September Digital Identity Tracker®, PYMNTS explores how sharing economy providers are investing in digital identity verification technologies to protect their users and why trust begins with a seamless onboarding experience.

Around The Digital Identity Ecosystem

Payments providers are seeking more secure and compliant ways of onboarding and authenticating customers to help deter online fraud. Payments firm Sokin, which offers payment cards in some 75 countries and digital wallets in 150 countries, recently announced plans to utilize biometrics and authentication technology from identity verification provider Jumio to verify users during onboarding. Sokin has integrated Jumio’s artificial intelligence (AI)-driven solutions to curb fraud by having guests use a government ID and a selfie for facial recognition analysis and biometric liveness detection with the aim of providing a safe and seamless onboarding experience.

Governments and organizations around the world are also seeking biometrics identity verification technology to authenticate credentials online. In the United Kingdom, for example, biometrics verification technology provider iProov has announced a new partnership with Salt Lake City, Utah-based Evernym, a software firm specializing in self-sovereign identity (SSI) for more than 100 organizations in a variety of sectors to authenticate transferrable digital identity credentials. iProov will integrate its ISO-compliant Genuine Presence Assurance technology — which defends against spoof attacks as well as digital and physical forgeries — into Evernym’s SSI platform and app Connect.Me.

Identity verification solutions are becoming popular in a range of industries to provide a more secure customer experience, including the car rental market. Los Angeles-based identity verification solutions provider Acuant recently announced that Bluebird Auto Rental Systems, which develops car rental software, will be leveraging the former’s cloud-based identity verification solutions with the intention of preventing fraud.

How Digital ID Verification Tools Helps Stashbee Foster Mutual Trust Between Storage Hosts and Renters

The need for trust is at the core of sharing economy platforms seeking to offer user experiences their hosts and renters will find acceptable. Creating such trust requires verification of both parties to establish they are who they say they are and confirm that the services offered meet the customers’ expectations, says Anthony Paine of  Stashbee. In this month’s Feature Story, Paine discusses how the right digital ID verification solutions can help sharing platforms seamlessly and securely onboard both parties to meet their satisfaction.

Deep Dive: The Importance Of Trust In Carsharing And Homesharing Platforms

In an economy battered by the global health crisis, sharing economy providers are discovering the value of digital identity verification tools and biometrics to ensure consumers’ trust in their services to help the industry recover. Consumers have come to rely on sharing economy services to make their lives more convenient, but above all, they want to feel safe. This month’s Deep Dive studies how digital identity verification and ongoing user authentication during the onboarding process can help encourage consumer trust and loyalty for ridesharing and homesharing providers.

About The Tracker

The  Digital Identity Tracker®, done in collaboration with Jumio, is your go-to monthly resource for updates on trends and changes in the digital ID industry.

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WATCH LIVE: HOW WE SHOP – TUESDAY, NOVEMBER 10, 2020 – 12:00 PM (ET)

New forms of alternative credit and point-of-sale (POS) lending options like ‘buy now, pay later’ (BNPL) leverage the growing influence of payments choice on customer loyalty. Nearly 60 percent of consumers say such digital options now influence where and how they shop—especially touchless payments and robust, well-crafted ecommerce checkouts—so, merchants have a clear mandate: understand what has changed and adjust accordingly. Join PYMNTS CEO Karen Webster together with PayPal’s Greg Lisiewski, BigCommerce’s Mark Rosales, and Adore Me’s Camille Kress as they spotlight key findings from the new PYMNTS-PayPal study, “How We Shop” and map out faster, better pathways to a stronger recovery.

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