The exponential growth of online gaming has led to a growing need for identity validation in modern times. Identity verification for online gaming services facilitates ensuring the safety and security of players and vendors. The cutting-edge service demands users to validate their ID credentials, which enables gaming platforms to fight fraud and ensure compliance with KYC and AML regulations.
The following blog discusses the top 5 perks of ID verification for digital gaming sites.
Identity Verification for Online Gaming Platforms: A Quick Insight
ID validation for e-sports platforms is about authenticating the identity of onboarding players before users can access particular features or participate in certain games. The procedure usually involves validating personal information such as full name, Date of Birth (DoB) and address from government-issued records, e.g., passports and driving licences. The main purpose behind identity verification is to fight fraud, safeguard underage users and ensure fairness. This also facilitates compliance with the latest KYC & AML standards.
Market Potential of Identity Verification for Online Gaming Platforms
From 2019 to 2029, the global market for digital gaming will achieve a CAGR of 10.7%. By 2029, the financial worth will grow from 137.9 billion dollars to 450.8 billion dollars. Considering the rising popularity of e-sports, the demand for ID authentication is growing to guarantee the security of players and vendors. Online gaming sites can secure a competitive advantage by using identity verification services. This way, vendors can easily attract genuine players and boost sales.
The rising growth of online gaming platforms has also attracted fraudsters to commit identity theft and money laundering. For this reason, regulators have increased investigation. Lawmakers have also introduced strict regulations to offer unbeatable safety for concerned parties. The latest regulatory standards demand vendors implement identity verification services to discourage fraud and safeguard minors.
As the e-sports market is growing rapidly, the market potential for digital ID check solutions will also grow. Online gaming platforms that prioritise identity verification solutions will be able to leverage the growing market and cater to the needs of players.
Best 5 Advantages of Identity Verification for Online Gaming
Validation of identity for digital gaming vendors involves verifying a user’s ID credentials before they receive services from the platform. The official procedure is validating user data such as full name, Date of Birth (DoB) and address from government-issued records. The main objective behind ID validation is to fight fraud and facilitate compliance with KYC & AML regulations.
- Preventing Fraudulent Activities
Identity verification for online gaming sites can facilitate experts fight identity fraud, credit card scams, and money laundering cases. By validating consumers’ identities, online gaming vendors can attract genuine players worldwide. This way, vendors can easily discourage using stolen identities and credit cards.
- Protecting Minors
The application of identity verification for online gaming platforms can safeguard minors from gaining access to adult-oriented content. Gaming vendors can limit minors’ access to age-restricted content by validating the age of onboarding players. This way, service providers can easily protect the well-being of underage users.
- Ensuring Fair Gameplay
Applying the latest identity verification for online gaming sites can help vendors to ensure fair gameplay. This way, service providers can require consumers to validate their ID credentials. The cutting-edge approach is important to deter players from making multiple online accounts to have an unfair advantage. This way, service providers can foster fair gameplay based on skills and experience rather than cheating.
- Building Trust & Credibility
Identity verification for online gaming sites can help service providers to win trust and maintain market credibility. Online e-sports platforms can attract genuine players while boosting sales by committing to providing security. This way, service providers can maintain a competitive advantage and increase brand awareness.
- Complying with Regulations
Implementing identity verification for online gaming sites can help vendors comply with the latest regulations. Several countries have stringent regulations around digital gaming. This includes age limitations and AML laws. By validating the players’ identity, vendors can guarantee they follow the latest regulations and avoid hefty fines and bans.
Using identity verification for online gaming sites is becoming significant with the rapid growth of the e-sports industry. Vendors can attract genuine players by fighting fraud, protecting underage users, fostering fairness, building trust, and following regulations. Simply put, e-sports vendors must prioritise using IDV services on the platform to safeguard all players.