Trulioo, which provides identity verification services, will now be able to perform those functions in Pakistan, according to a press release emailed to PYMNTS.
Pakistan is the world’s fifth most populous country with 212 million people, the release stated, and Trulioo will be using GlobalGateway, the largest identity verification marketplace, to help provide services in the country.
Trulioo CEO Steve Munford said the idea is to help along the expansion of banking access.
“The pandemic has dramatically accelerated the shift to digital all across the world, and this means that online trust and security is now more important than ever,” he said, according to the release. “Our mission is to ensure every person on the planet has a digital identity as a means to access basic financial services and support. Being able to verify identities in the 10 most populous countries in the world is a significant milestone on our journey.”
Pakistan also boasts some of the world’s highest mobile usage with 75 percent of people using mobile devices, and the release stated that kind of connectivity is likely to continue driving individuals, businesses and governmental entities to interact. Digital payments in general have spiked since the pandemic hit, the release noted.
Pakistan, according to a survey by GSMA, has goals of becoming a digital society. A partnership between Pakistan’s Saffran Group and Japan Communications intends to invest in local FinTech initiatives, according to the release.
And recent innovations by the government allow for residents overseas to open bank accounts and make direct investments from abroad, Munford said in the release.
“This will be a game-changer, providing citizens access to digital capabilities, including funds transfer, eCommerce, bill payment and much more,” he said, according to the release.
In July, Trulioo also brought its identity verification services to Vietnam through GlobalGateway, PYMNTS reported.
In a conversation with PYMNTS, Trulioo Chief Operating Officer Zac Cohen said the path ahead will need to take into account both the need to get more of the world in touch with the new digital economy — with close to 2 billion people cut off currently — and to combat fraud and accommodate customers at the same time.
Selected by Fintech Tube