Aiming for a future free from identity theft, VeriME – a blockchain based, decentralized digital identity verification platform, has entered into a partnership with WeShop, Asia’s premier cross-border retail import-buying facilitation brand, to provide them with smooth and secure customer verification and authentication services.
This move, which was announced by company officials on Monday, 4th December, came shortly after VeriME successfully closed a deal with Ngan Luong, Vietnam’s largest online payment gateway, in the beginning of November.
Speaking on this partnership, WeShop Global Group’s CEO, Ms. Dao Lan Huong said, “The global fraud rates have risen substantially. With this partnership, our company aims to safeguard our merchants as well as facilitate smooth onboarding processes for new businesses”.
Identity theft, an issue which spiked sharply around a year back affecting 15 million citizens of the U.S alone, has caused considerable tension within the e-commerce sector. A study conducted on merchants across various e-commerce platforms found that 71 percent of fraud on any e-commerce store was related to identity theft followed by account theft and phishing in the second and third places respectively.
That being said, identity theft isn’t the only problem bothering merchants online. There is the issue of transaction abandonment, which according to a study in U.K., is causing merchants to lose around 67% of their sales. This study, conducted on 19,000 people found that 21 percent of the consumers abort transactions due to lengthy buying processes, while 18 percent abort due to delays in payment processing.
Commenting on this partnership, Mr. Sanjeev Kumar, Co-Founder of VeriME, said, “VeriME currently has around 15 Partners in Vietnam piloting our KYC and Authentication products. Our aim is to provide seamless, cost-effective and most innovative KYC and Authentication services using decentralized blockchain technology to millions of Users and Partners in the APAC region”.
Aside from their partnership with WeShop, the company also announced their collaboration with Moin, South Korea’s blockchain based cross-border remittance service provider. Moin, a company started in the year 2016 by Ian Suh, a software engineer at Samsung, offers its customers international money transfer services which bypass all financial middlemen involved, thereby saving them heavy transfer fees.
“We are currently in discussions with Payment Gateways, Remittance companies, Insurance, Marketplaces and other businesses that are in need of KYC and Payment Authentication solutions in Thailand, Malaysia, Indonesia, Hong Kong, India, and China. Our strategy is to penetrate into high-density Asian Markets in the coming 12-18 months and bring VeriME’s blockchain solution in the hands of every mobile phone subscriber,” added Sanjeev Kumar.
VeriME is a Singapore based Fintech Startup offering blockchain based digital identity verification service (VaaS – Verification as a Service) which ensures that the user authentication and verification process isn’t reliant on any third party acting as a mediator.
To learn more about VeriME, please contact [email protected]
To learn more about WeShop, please contact [email protected]
To learn more about MOIN, please contact [email protected]
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