Veridu & Payfriendz are making payments fast, easy, mobile
Payfriendz is a truly innovative new app that makes socialising whole a lot easier: by removing the age old problem of mixing money and friends. At worst, friendships have been ruined over money. At best, most of us just settle for a “you win some you lose some” policy and stop counting who owes who from that night out. Enter Payfriendz. All you have to do is install their app on your phone, and top it up before a night out. Then you can transfer money on the go, in real time and your friends will instantly get the cash you owe them.
Payfriendz is an incredibly handy app to resolve a constant social bugbear, but what truly makes Payfriendz special is the way that they have looked at every single process in the business and thought ‘How can we make this easier, better and smoother for the user?’ At Veridu, we’re very excited to be part of these innovations by providing a range of solutions to support their creative approach to problem solving.
Influencer marketing at an incredible price
Payfriendz as an app, and a concept, is in the tricky position of being a two-sided marketplace business model. This means that you can’t start the business with just one person — you need someone to transact with. Payfriendz knew that users getting more friends on board was going to be key to its marketing success. In order to create viral traction, knowing who is well connected enables them to better target users who will enable the service to spread much faster. Payfriendz asked ‘what if we could identify users who were real influencers among their peers’? The answer was obvious — viral growth would be far faster, cheaper and easier. The next challenge, however was determining who those key influencers really are. What about them means they will truly influence their peers and get them to join up, and lots of them? It turns out to be a tricky problem — it isn’t just the number of friends/followers that creates influence, there are many more factors. Luckily, Veridu’s algorithms are able to do exactly this, and are helping Payfriendz to get more users, faster and at a lower cost with Veridu Verified Insight™.
Finding the balance: Instant payments v.s. trust & safety
Payfriendz has integrated Veridu’s ID verification process in order to comprehensively verify the identity of every user, and create a trusting environment for all who use the app. The most crucial part, however, is to do that in a way that creates no extra hassle for users.
Veridu has enabled Payfriendz to retain the user experience they have worked so hard to create by providing instant identity verification when users sign in with Veridu’s SSO+. SSO+ is Single SIgn On that instantly verifies users by scanning through the masses of data in social profiles to weed out the fraudsters and give an accurate reliability score. On the user end, they don’t even need to fill in a registration form — just tap one button to sign up with Facebook, Linkedin, Gmail or Twitter (among many other services). This allows Payfriendz to create a safe and trusting environment, without sacrificing any the convenience they have worked so hard to create.
Convenience is key in the mobile world
To create any successful app, convenience is key. Users don’t want to have to go to any extra effort, or have to constantly fill out fiddly forms on a smartphone. When it comes to payments, transfers have to be just a few taps on the screen away. Payfriendz has worked incredibly hard to create a fantastic user experience, and Veridu is enabling the app to set up a number of ‘click-of-a-button’ processes, including single sign on via Facebook.
Increased conversion rates with no loss of data
The online world is a fickle one, and what seems like the smallest change can result in huge proportions of visitors or users being put off. The most common way to put off your users is to have extra steps in a registration or sales process — whether it is a simple form field or a larger hurdle like an ID check. Veridu SSO+ is a powerful tool to gain insight into customer attributes, or simply to reduce the need to fill out lengthy forms. With SSO+, enrollment and onboarding is super easy for the user, and Payfriendz gets an accurate database of information and doesn’t have to debate whether every single data point is worth the corresponding loss in conversion rates.
An added layer of security and authentication
A key priority for Payfriendz is to provide a secure, fraud-free platform. With the same principle as their influencer marketing strategy in mind, Payfriendz sought to use the not-so-positive interactions in a similar way. Many other apps would prefer to require every user to go through an onerous signup process in order to prevent fraudulent users, but Payfriendz are able to resolve the issue by reliably identifying high risk users through Veridu SSO+ and requiring only those users to go through a further authentication step on a need-to basis, rather than subjecting every user to it. Veridu also provides an instant, easy authentication process to complete that second level of authentication.
We love Payfriendz and everything they are doing to make customer’s lives easier, and we’re incredibly proud to be supporting them with the verified single sign on tools they need — including SSO+ and Verified Insight™. If you’d like to know more about how Veridu can help you transform your user experience, your business, your marketing strategy or even your compliance costs, don’t hesitate to get in touch — we’d love to talk about all the ways we can help.
Originally published at www.veridu.com on April 6, 2015.