IDfy will authenticate users and help to keep the gaming platforms like PokerBaazi, BalleBaazi, and RummyBaazi safe from user fraud and money laundering.
IDfy, a Mumbai-based company partnered with online gaming platform Baazi Games to online fraud for its base of 50 million users of Baazi Games will reap the benefits of its partnership with IDfy by authenticating users and help to keep their gaming platforms like PokerBaazi, BalleBaazi, and RummyBaazi – safe from user fraud and money laundering.
From a handful of players in the 2000’s, India has more than 300 online gaming companies at present with the consumer base as high as 250 million gamers in 2018. In the last 5-6 years, the skill gaming industry has grown from an industry worth $20 Mn to a staggering $500 mn., and most of that revenue is driven largely by two games of skill genres — rummy and fantasy games — run by a handful of operators.
As part of KYC checks, every user of these gaming platforms is expected to present his/her government ID card. IDfy uses machine learning based algorithms to detect any tampering of these ID cards instantly. Genuine ID cards are then machine read, their data extracted and verified against relevant government databases in a matter of seconds. This verified user data is then matched against player profile to stop impersonation. It is also used to check that the player is of legal age, and is from a State that allows real money gaming. Finally, this data is also used to ensure that winnings can only be withdrawn to the bank account or wallet of the player and nobody else.
Thus, IDfy’s technology is keeping Baazi Games’ gaming platforms compliant with government regulations, free from the risk of user fraud, and prevent money laundering.
“Both IDfy and Baazi Games are deeply committed to ethical and responsible gaming,” said Wriju Ray, co-founder and Chief Business Officer at IDfy. “With the rise of the gaming culture in the country, we foresee a huge opportunity in this space and are looking at capitalising on the same. The fact that we have been able to come together and establish the best practices for India in terms of maintaining authenticity, makes me real proud.”
“The Gaming industry in India is at the cusp of exponential growth. For sustainable long-term growth, though, it is important for the industry to keep it honest and ethical. For this, leading players like us need to be at the forefront of technology adoption that prevents fraud and money laundering. Our partnership with IDfy is a significant step in that direction,” said Puneet Singh, co-founder of Baazi Games.