Trulioo’s GlobalGateway platform will now be available to users in Pakistan. With the news, the company gains access to a market with 212 million people, more than 100 million of whom are under the age of 25.
According to Trulioo, those demographics create potentially lucrative opportunities for digital service providers. Pakistan’s internet adoption growth rate currently sits at 23 percent, while the GSMA has predicted that the mobile industry will account for $24 billion and 6.6 percent of the country’s GDP by 2023. Mobile technology (and the mobile security that supports it) is expected to be vital to that long-term economic expansion.
“The pandemic has dramatically accelerated the shift to digital all across the world and this means that online trust and security is now more important than ever,” said Trulioo CEO Steve Munford. “Our mission is to ensure every person on the planet has a digital identity as a means to access basic financial services and support.”
On that front, Munford indicated that the government of Pakistan will soon be introducing digital banking facilities that will allow citizens to remotely open bank accounts and make investments while living and traveling abroad.
“Pakistan is making great strides toward becoming a digital society,” he continued. “This will be a game-changer, providing citizens access to digital capabilities, including funds transfer, eCommerce, bill payment and much more.”
Trulioo now offers coverage to all of the world’s 10 most populous countries. The company extended its reach to the Philippines in 2018, and then expanded to Ghana and Nigeria in December of 2019. The GlobalGateway platform is designed primarily for remote onboarding, and uses face and document recognition to verify a new user’s identity on a mobile device.
Trulioo is one of several companies that has warned about an increase in fraudulent activity during the COVID-19 pandemic.