Aiming for a future free from identity theft, VeriME – a blockchain based, decentralized digital identity verification platform, has entered into a partnership with WeShop Global, South East 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 the 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 a smooth onboarding processes for new businesses”.
Identity theft, an issue which spiked heavily around a year back affecting 15 million citizens of U.S alone, has caused considerable tension within the e-commerce sector. A study conducted on merchants across various ecommerce platforms found that 71 percent of fraud on any e-commerce store concerned identity theft, with account theft and phishing being in the second and third places respectively.
This 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. Nguyen Hoa Binh, Co-Founder of VeriME, said, “Traditional methods of KYC as well as authentication are firstly not safe and secondly, they produce friction between Marketplaces and buyers. By partnering with WeShop Global, we aim to move a step forward towards prevention of identity theft, while at the same time facilitate a seamless customer onboarding process for their partners”.
A company with South East Asia reach, operating in Vietnam, Thailand, Philippines and Malaysia, WeShop serves more than hundred thousand sellers and millions of buyers giving them the privilege of cross-border shopping. With WeShop you can shop for products available around the globe at retail prices.
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.
This partnership between WeShop and VeriME can be thought of as a major leap towards building an ecosystem where merchants and partners can transact safely as well as quickly without the use of any intermediary services.