#Japan #Tokyo #LIQUID #eKYC #Paidy

Liquid and Paidy Join Forces in Advanced Identity Verification

In a significant development within the digital payment landscape, Liquid, a leading player in biometric authentication technologies, has partnered with Paidy, a forefront provider of 'Buy Now, Pay Later' (BNPL) services in Japan. The collaboration introduces a sophisticated online identity verification mechanism branded 'LIQUID eKYC' which utilizes both IC chips and facial recognition to enhance security and streamline the user experience.

In recent years, the digital payment market has seen unprecedented growth, largely driven by increased mobile usage and a growing preference for deferred payment methods. Paidy stands out as a pioneering force in this space, allowing users to make purchases immediately while deferring payment to a later date. This innovative approach, however, raises security concerns, prompting the need for robust identity verification solutions.

Liquid’s LIQUID eKYC service addresses these concerns head-on. With its newly adopted 'ヘ方式' (He Method), this cutting-edge verification method reads the IC chip from the My Number Card while simultaneously performing facial recognition using a selfie taken by the user. This dual approach significantly enhances the accuracy of identity verification, boasting an automatic approval rate of approximately 99%—a notable improvement over previous methods that had a rejection rate of around 6%.

Benefits of LIQUID eKYC

This partnership is designed not only to bolster security but also to improve user convenience. The primary advantages include:

• - Streamlined Verification Process: By automating the verification process through IC chip reading, Liquid reduces the need for manual checks that were often time-consuming. Users can experience faster approvals, which is critical for maintaining satisfaction in a highly competitive market.

• - Multi-Document Support: The Her Method supports multiple forms of identification including residency cards and various ID documents. This feature ensures that both domestic and foreign users can enjoy a hassle-free verification process.

• - Fraud Prevention: Liquid’s technology integrates electronic signature verification, which detects any potential tampering of documents. Coupled with facial recognition, it effectively thwarts attempts at identity fraud, such as document forgery or impersonation.

• - Reduced User Burden: Unlike traditional methods that require users to input their basic information manually, such as name and address, LIQUID eKYC automatically extracts this data from the IC chip, minimizing user effort and streamlining the verification journey.

The Evolution of Paidy

Founded in 2014, Paidy revolutionized the payment landscape by introducing deferred payment solutions to Japanese consumers. With a mission to empower users financially, Paidy has surpassed over 20 million app downloads and paired its services with features that facilitate smart budgeting and financial management. Notably, the service recently celebrated its 10th anniversary in October 2024, marking a decade of aiding users in realizing their purchasing dreams with confidence and ease.

As part of its comprehensive offering, Paidy also emphasizes products that feature no interest charges for installment payments, thus encouraging responsible financial behavior among its users. The brand's philosophy centers on creating a world where users can shop without financial stress and fulfill their aspirations.

Looking Ahead

The integration of LIQUID eKYC into Paidy’s service suite is expected to set a new standard in online identity verification within the BNPL sector. As more individuals lean towards digital solutions for their payment needs, ensuring safe, seamless transactions will be paramount.

As the landscape of financial technology continues to evolve, Liquid’s innovations in biometric verification will play a critical role in shaping the future of safe online transactions. This partnership exemplifies how technology can improve security, foster customer trust, and pave the way for future advancements in payment services and identity verification.

For more information about Paidy, visit https://paidy.com/.
For details on Liquid’s eKYC solutions, check https://liquidinc.asia/liquid-ekyc/.