Plazo has now integrated Vaidas’ technology into its financial app, adding new layers of security and improving the user experience throughout the identity verification process, including document checks, facial biometrics, and voice biometrics.
Transforming the global identity verification landscape
The identity verification market is growing due to an increase in fraud and financial crime cases, as well as the growing digitalisation across various industries. Financial organisations are implementing optimal identity verification solutions to improve security, prevent fraud, and ensure regulatory compliance.
The global identity verification market size was valued at USD 11.97 billion in 2024. It is projected to grow from USD 13.75 billion in 2025 to USD 39.82 billion in 2032, with a CAGR of 16.4% during the forecast period.
Beyond Plazo’s strict compliance with AML and KYC regulations, the implementation of Veridas’ technology allows users to verify their identity optimally, within seconds. Additionally, Veridas' solutions augment Plazzo’s protection against identity fraud through facial recognition and document verification technology.
According to Veridas, by partnering with firms like ID Finance and Plazzo, the company aims to exceed 35 million identity verifications in the financial sector, with conversion rates over 85%.
Improved rewards programme
In November 2024, Plazo partnered with Woowbe to launch a new loyalty system and added nearly 200 new brands to its cashback programme. Plazo customers had the opportunity to use cashback, a secure and efficient suite of products, as well as additional benefits across nearly 200 retailers, spanning various sectors such as dining, travel, beauty products, aesthetic clinics, fashion, and education.
