The mobile marketplace is on the rise around the world as more and more consumers value and increasingly demand the ability to pay for products and services through a mobile device. A recent article from Huffington Post notes that in 2012, mobile e-commerce accounted for 10 percent of total e-commerce, and the method is expected to grow to 23 percent by the start of 2015.
While users are clamoring to be able to complete transactions on a mobile device, organizations are challenged with enabling streamlined registration, payment, and authentication. Using an identity verification solution that is optimized for mobile commerce helps break down barriers for customers, and opens businesses to a variety of noteworthy benefits..
Benefits of Mobile Identity Verification
Consumers and businesses alike remain hesitant when it comes to using mobile commerce technology due to the higher risk of fraud. This is why it is necessary for organizations to implement an identity verification and fraud prevention platform that establishes the true age and identity of a consumer. Using such a system lessens the risk for businesses, ensuring that their customers are who they say they are and protecting overall consumer privacy. Additional benefits include:
· New opportunities for revenue by allowing customers to use a new payment method which is an emerging standard around the world
· Increased consumer confidence in a business’s mobile commerce security
· Limited input from consumers during verification process and the ability to escalate to a higher level of verification only when needed reduces customer friction and improves the overall customer experience
By having more control over the verification process, an organization is able to process more transactions and validate legitimate customers easily while ensuring that potential fraud is kept out. Changing verification rules on-demand to meet your evolving business requirements is also necessary in order to stay ahead of fraudsters that are constantly working to gain access to products and services, especially through website and mobile applications.
Incorporating Mobile Identity Solutions
When developing your mobile identity verification program, it is important to use an advanced solution to ensure organizational goals are met while also stopping fraud and meeting compliance requirements. Running an on-demand identity verification system gives a company flexibility and control even when completing transactions with customers through tablets and smartphones.
Dynamic knowledge-based authentication using multiple-choice out of wallet questions as a step-up verification for higher risk transactions is another way to enhance the user experience when working through your mobile site or app, and also reduces friction when it comes time to complete a sale. To achieve requirements for compliance, and drive customer acquisition and revenue while deterring fraud, implement an identity authentication solution for your mobile marketplace.
IDology, Inc. provides identity and age verification solutions for companies working in a customer-not-present environment. Headquartered in Atlanta, GA, IDology uses innovative technology to drive revenue, reduce costs, and meet compliance regulations.
1. Burt, Allen, “Are You Losing a Full Day of Revenue With Your Mobile Site?” Huffington Post, 21 October 2014, Web, 18 November 2014.