How Payments Help The Sharing Economy Run On Trust

The rise of the global sharing economy — tied to online marketplace operations — is sparking challenges related to trust, security and confidence for buyers and sellers alike.

However, as Mike Gramz, chief risk officer at Yapstone, told it a challenge is just another way to describe an opportunity.

Sharing Stakes

The stakes involved in getting this right are nothing short of enormous, Webster pointed out, setting the stage for the larger conversation. The global sharing economy stood at about $148 billion in 2014 (certainly nothing to sneeze at), and will balloon to $335 billion by 2025, less than six years away.

Authorization Process

So, what works to achieve those goals? Data — massive amounts of data combined with algorithms, a rules-based scoring process and machine learning, according to Gramz.

Supply Of Data

During the PYMNTS podcast discussion, Gramz and Webster dug deeper into which data points create the risk assessment scores that avoid those revenue-draining false-positives.

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Source: https://www.pymnts.com/digital-payments/2019/global-sharing-economy-buyer-supplier-trust/