How does Tricket, one of the fast-growing real-money fantasy gaming companies, streamline KYC and prevent fraud?
“Are you a fan of real money games?”
While some of us may not agree, most of the Gen-Ys and Gen-Zs in the country would definitely say hell yes!
In India, the real money fantasy gaming industry grew from $20 million in 2016 to over $1 billion in 2020, according to a report by the Indian Federation of Sports Gaming (IFSG) and KPMG.
The COVID-19 pandemic has led to a surge in online gaming and specifically in the fantasy gaming industry, as people spend more time at home.
According to industry reports from 2020, the compound annual growth rate (CAGR) for the real money fantasy gaming sector is projected to be around 22% from 2020 to 2025.
Tricket is a skill-based real-money fantasy gaming platform that lets players enjoy their favorite fantasy sports without creating a team.
What is Tricket?
Tricket is an innovative real-time fantasy cricket game that lets you enjoy your favorite fantasy sports without creating a team. Their USP lies in helping players analyze the game, project the score of the next SPELL (a set of 4 or 5 overs), and earn real cash. And, this might be that!
How Does Tricket Work?
Tricket is a skill-based online sports game where game players can project how circumstances would change by forecasting the score (runs and wickets) of a SPELL as well as the overs of an ongoing or live match, using their analytical skills, and competing with real players. They earn points and win cash prizes based on how close they get to the actual score in live matches.
How Does Tricket Leverage Deepvue’s APIs
Verifying users and their withdrawals before providing earned cash amounts was crucial to prevent fraud. Above all,
How did Tricket achieve this?
Seamless Identity Verification of the User
Tricket leverages the KYC (Know Your Customer) APIs provided by Deepvue to perform extensive background verifications on users who submit withdrawal requests. By utilizing a unified API endpoint, Tricket seamlessly integrates multiple sources of information, such as PAN, Aadhaar, and Driving License, to conduct thorough checks via Deepvue’s API banking platform in real time. This streamlined process enables Tricket to effectively authenticate the identity of its users and proactively mitigate fraudulent activities.
Facilitating Withdrawals with Instant Bank Account Validation
After Tricket has successfully confirmed the identity of its users, the subsequent stage involves validating the bank account details of each individual prior to processing any withdrawals. Tricket streamlines this process for users and ensures swift verifications through the employment of Deepvue’s Penny Drop Verification and UPI (or VPA) Validation APIs. This ensures that the platform is able to expedite its payout process only after the authenticity of the account is duly affirmed and linked to the corresponding user.
What were Tricket’s Outcomes?
Let’s examine some of the significant outcomes following Tricket’s utilization of Deepvue’s API banking platform to enhance their KYC processes and facilitate instant withdrawals.
- Tricket achieved an impressive go-live timeline within a few weeks and has since witnessed a rapid increase in the number of API transactions with over 5,500 already processed and counting on a daily basis.
- By opting for Deepvue’s efficient financial integration, the company has significantly reduced its overall expenses by a staggering 90% compared to traditional legacy systems that require several months to implement.
- Successfully eliminated the need to integrate separately for each KYC document by leveraging a single API endpoint capable of performing multiple document verifications.
- Instant bank account verification with an impressive response time of mere milliseconds and an uptime of 99.9%.
- Ensured 24X7 uninterrupted withdrawals, and expertly handled any unexpected downtime or sudden surges in volume.
We have assisted numerous customers in overcoming the challenges associated with banking and financial integrations and Tricket.
If you’ve got a use case that has anything to do with banking, we’re totally interested! Let us know what you’ve got in mind.
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