Due to restrictions imposed by the COVID-19 pandemic globally, markets and enterprises have slowly adjusted to these changes. The sharing economy is one solution to achieving contactless services.
WHAT SHARING ECONOMY
A sharing economy is an economic model described as a peer-to-peer or P2P-based activity. It involves using an online platform to facilitate the sharing, acquiring, and providing of goods or services.
Individuals and groups can rent out their idle assets like parked cars or space bedrooms to share the cost of renting them. Airbnb is known for its residential-sharing platform. It is often found in apartment or condo units. These apartments allow short vacations or getaways within the same city or region by renting these residential units out for a day or three. A service like Airbnb can be booked quickly online, using messaging apps or emails. This meets the new pandemic health protocol, the contactless transaction.
WHAT IDENTITY VERIFICATION
Since online transactions and payments can now be made via applications and platforms, identification verification has been the central key to security and safety for both buyers and sellers in the market. It is vital to verify that the identity of consumers is verified. This is especially important when opening bank accounts, applying and receiving loans, depositing, and other transactions. This system, known as Know Your Customer or KYC, helps combat account fraud and hacking.
It is simple and easy to make online payments, especially in light of the current world situation. Smartphones and other devices allow people to do just about anything anywhere. However, due to market adjustments, account hacking risks, consumers and sellers. To protect and combat these hackings, identity verification and device-based authentication are now being utilized on online transactions and applications.
To learn more about the sharing economy and the need for identity verification, you can read this infographic from AuthID.
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