Online age verification is vital for all businesses dealing with age-restricted goods and services. The outdated ID validation procedures were time-consuming and cumbersome, which did more harm than good to the business operators. In modern times, more than 2.14 billion consumers buy products and services from online platforms, of which around 80% of millennials use smartphones for the concerned purpose. In light of such figures, instant gaming verification with KYC has become mandatory to attract only genuine customers. The latest versions of systems save time and company resources by delivering high-quality results.
Instant Gaming Verification with KYC – A Quick Insight
ID verification of players is vital to discourage gambling cases worldwide. This can help gaming operators fight ID fraud and money laundering risks. For example, operators can catch criminals when registering for a new bank account and withdrawing cash.
Player ID verification also promotes compliance with the most delinquent KYC and AML rules. The innovative system also streamlines the onboarding procedure for potential players and ensures a positive experience.
In modern times, gaming operators must balance making profits and improving customer experience. This advanced approach facilitates exponential growth of the platform and wins players’ loyalty. Online gaming verification with KYC can easily facilitate operators to validate the ID credentials of players, ensuring a seamless experience and platform growth.
According to Markets & Markets research, the global identity verification market will reach a financial worth of around 18.6 billion dollars by 2027, showing a CAGR of 14.4% from 2022 to 2027. As per the report, the growing digitization enterprises play a crucial part in their rapid growth. With widespread internet use and eCommerce activities, the use of IDV services will become more frequent.
The following section highlights the five exciting benefits of online gaming verification for esports service providers.
- Ensuring Compliance with KYC and Anti-Money Laundering Regulations
Following the latest Know Your Customer (KYC) and AML standards is becoming mandatory for several industries. Cutting-edge gaming verification is highly secure, convenient, and cost-effective to ensure compliance with the latest standards.
The application of state-of-the-art services ensures that minors do not get access to restricted content, facilitating personal well-being. This way, underage viewers do not gain access to products and services that are aimed at an adult audience. Operators that offer such services also have customer-friendly dashboards for instant access to all reports. This requires no hardware and provides access to resources in a few steps. There is also the option of APIs to integrate services with online platforms or websites.
- Enhancing Security to Fight Fraud and Restrict Minors’ Activity on Platforms
Online gaming verification with AI-powered security protocol facilitates fraud prevention while restricting minors’ access to restricted content. Additionally, the digital age validation services increase website security by limiting access to adult-oriented content.
- Providing Convenience to Customers
Gaming compliance is a convenient option for businesses that deal with adult-oriented content. When customers make online purchases, there is an option to purchase with credit or debit cards. This is more convenient than physical visits to stores and paying with cash. This strategy saves time and optimizes company resources. Online age validation services ensure unbeatable data privacy because customers’ information will not be stored in the company’s repositories.
- Preventing Fraud
Online gaming verification with KYC is a highly secure, more reliable, and accurate approach to validating ages than traditional validation methods. This way, fraud prevention of ID theft and credit cards become easier than ever. It also prevents underage drinking, gambling, and smoking.
Gaming validation with KYC effectively restricts minors from accessing age-restricted content on websites or applications by requiring a Date of Birth (DoB). This makes it impossible for customers under 18 to use products and services without providing sufficient proof.
- Increasing Yearly Profit Rates
Online age validation solutions are perfect for increasing yearly profit rates and reaching desirable revenue targets. Moreover, online gaming verification ensures compliance with international regulations and ensures fraud prevention. This also secures a strategic advantage and communicates responsibility to potential customers. As online age validation services offer a positive experience, they make customers repeatedly buy products and services.
The Bottom Line
Instant gaming verification with KYC is a legal requirement for the selling products such as gambling and alcohol. Nonetheless, this is a foolproof approach towards age validation. For instance, operators use it as entertainment resources for adults and dating websites.
Age validation services has numerous benefits for businesses and clients. They ensure convenience for clients and real-time ID confirmation for websites and applications. This not only enhances trust between parties but also provides unbeatable security.