Payfone, the world’s leading digital identity authentication network, recently announced the launch of its Instant Experiences for Retail platform at the Shoptalk 2018 retail and ecommerce conference in Las Vegas, Nevada.
The first-of-its-kind application programming interface (API)-based authentication platform helps retailers in three key areas:
- Instant account creation and increased guest checkout conversions: Decrease shopping cart abandonment and allow customers to instantly and securely create new accounts by removing friction and complexity from guest checkout flows. Pre-fill cumbersome forms with verified information including credit card and shipping address auto-population to enable a more seamless shopping experience.
- Advanced fraud prevention: Verify new account openings and replace vulnerable methods of two-factor authentication such as SMS one-time passcodes with passive mobile-based identity authentication that extends to all digital channels (PC web, in-store, mobile app, mobile web, call center).
- Instant password reset: Enhance the user experience and decrease calls to your call center by offering your customers effortless and instant password reset.
“It’s no secret that the pecking order of today’s retailers is being decided by the speed and effortlessness of customer experiences. We’re thrilled to be able to equip forward-looking retailers with advanced identity authentication technology that allows for secure and instantaneous flows that will help them gain an edge in today’s competitive landscape,” said Rodger Desai, CEO of Payfone.
The Instant Experiences for Retail platform leverages Payfone’s existing digital identity authentication products, which are used by some of the world’s largest banking, technology, insurance, retail and healthcare companies to authenticate close to 20 billion transactions per year.
In February, Synchrony, the largest provider of private label credit cards in the United States based on purchase volume and receivables, announced a strategic investment in Payfone as part of its continued commitment to providing their partners with fast and easy purchasing and credit application processes that improve the customer experience.