Collaborate Corporation Limited , the Australian operator of online peer-to-peer marketplaces DriveMyCar and MyCaravan, today launched PeerPass, a completely new way to build trust between people involved in the sharing economy.
Recent PwC research indicated that trust is a major factor in the success of a sharing economy platform. Some 72 per cent of survey respondents saying their experience with sharing economy platforms was inconsistent, while 64 per cent said they wanted peer–based regulations on sharing economy platforms.
To alleviate these concerns, PeerPass will combine online ID verification, credit checks, credit card fraud detection, security bonds, reputation feedback and social media verification to build trust between participants on sharing economy platforms.
With PWC predicting the sharing economy to be valued at $335 billion by 2025, Collaborate recognised the opportunity to take first mover advantage in a rapidly expanding market. PeerPass will provide consumers with a simpler and more effective way to establish online trust which will accelerate the mass appeal of peer-to-peer services.
“Just as PayPal made online payments more secure and easily accessible, PeerPass builds confidence in sharing economy platforms and extends their reach beyond early adopters to mainstream consumers,” said Chris Noone, CEO of Collaborate.
“It can be difficult to trust the person on the other end of an internet connection without knowing anything about them. PeerPass provides multiple ways to assess a person’s trustworthiness and allows people to engage in peer-to-peer transactions with confidence.
“When a person signs into a PeerPass-enabled website, the trust platform can verify the person’s identity and assess their credit history. Once verified they will be able to transact with others on PeerPass-enabled platforms such as Collaborate’s peer-to-peer marketplacesDriveMyCar, MyCaravan and Rentoid.”
PeerPass reduces the need for consumers to verify their identity with multiple platforms and their positive transaction history will allow them to access a wider range of goods and services at cheaper prices.
The PeerPass system takes just minutes to assess a user’s credentials. It is the result of over 5 years experience developing and operating sharing economy platforms, which require significant trust between suppliers and customers to thrive.
While online feedback and reputation systems are one measure of that trust, a proxy platform that automatically checks a user’s identity and creditworthiness is also vital to ensuring the success of peer-to-peer marketplaces.
PeerPass is the result of a range of partnerships Collaborate has signed, incorporating GreenID from edentiti, as well as other tools developed in-house to assess a user’s trustworthiness.