According to Markets and Markets, the value of the global identity verification market is US$ 7.6 billion in 2020. It is forecasted to reach US$ 14.8 billion by 2025. This transpires into a Compound Annual Growth Rate (CAGR) of 15.6%. Moreover, the COVID-19 pandemic has forced even the most reluctant businesses to conduct the customer onboarding process digitally. Subsequently, the identity verification world is experiencing a technological revolution as new solutions come ashore every day.
The current debate about identity verification should not be about conventional and automated solutions. The current situation formulated by the novel CoronaVirus has made the traditional customer onboarding processes unfeasible. Now, the topic of conversation is: which is the most suitable technology for digital identity verification? With the access and availability of NFC-enabled smartphones in the world right now, there is only one technology that makes sense the most for businesses.
Shufti Pro NFC Verification solution is here to claim its stake in the remote ID authentication world. Shufti Pro is taking contactless verification to a new level by integrating NFC mobile technology with AI-powered document authentication. With its utility, businesses can be sure of enhancements in conversion rates, user experience, and regulatory compliance.