Online age verification is essential for all businesses that deal in age-restricted goods & 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 The outdated ID validation procedures were time-consuming and cumbersome which did more harm than good to the business operators.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, online 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.
Online Gaming Verification with KYC: A Quick Insight
ID verification of players is vital to discourage gambling cases worldwide. This can help gaming operators to fight the high risk of ID fraud & money laundering. For example, operators can catch criminals when registering for a new bank account and while withdrawing cash.
Online gaming verification with KYC facilitates compliance with the latest KYC & AML regulations as well. The innovative system also streamlines the onboarding procedure for potential players and ensures a positive experience.
In modern times, gaming operators must strike a balance between making profits and improving customer experience. This advanced approach not only facilitates exponential growth of the platform but also 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 research, the global identity verification market will reach a financial worth of almost 18.6 billion dollars by 2027, showing a CAGR of 14.4% from 2022 to 2027.
As per the report, the growing digitization initiatives play a vital role in the rapid development of the industry. 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 with KYC for esports service providers.
Ensuring Compliance with Know Your Customer & Anti-Money Laundering Regulations
For several industries, following the latest Know Your Customer (KYC) & AML standards is becoming compulsory. Cutting-edge online gaming verification with KYC 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 KYC is an AI-driven security protocol that facilitates fraud prevention while restricting access of minors to restricted content. Additionally, the digital age validation services increase security on websites by limiting access to adult-oriented content.
Providing Convenience to Customers
Online gaming verification with KYC is a convenient option for businesses that deal with adult-oriented content. When customers make online purchases, there is an option to make the purchase with credit or debit cards. This is highly convenient than physical visits to stores and paying with cash. This gambling compliance strategy saves time and optimises company resources.
Online age validation services ensure unbeatable privacy of data because customers’ information will not be stored in company’s repositories.
Preventing Fraud
Online gaming verification with KYC is a highly secure, more reliable and accurate approach to validating ages than traditional methods of validation. This way, fraud prevention of ID theft, and credit cards become easier than ever. It also prevents underage drinking, gambling, and smoking.
Online gaming verification 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 below the age of 18 to use products and services without providing sufficient proof.
Increasing Yearly Profit Rates
Online age validation solutions are a perfect approach to increasing yearly profit rates and reaching desirable revenue targets. Moreover, online gaming verification with KYC 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, it makes customers buy products and services again and again.
The Bottom Line
Online gaming verification with KYC is a legal requirement for sales of products such as gambling & alcohol. Nonetheless, this is a foolproof approach towards age validation. For instance, operators use it as entertainment resources for adults and dating websites.
Applying age validation services has numerous benefits for businesses and clients. It ensures convenience for clients and real-time ID confirmation for websites and applications. This not only enhances trust between parties but also ensures unbeatable security.