Digital Wallets
When a person's identity is verified, the certificate and supporting evidence are securely transferred to their digital wallet. This enables people to own, control and manage their identity, which they can share or reuse as needed.
We can explain the security features of the digital wallet when we have a conversation.
See the Open Wallet Foundation for details on standards.
Digital Wallets & Customer Control
Decentralised identity systems enable organisations to create online relationships with any person, organisation or service and give you the tools to manage and use those relationships. They help you recognise, remember, react to and interact with people. The most important tool is arguably a decentralised digital wallet. Implementing digital wallets addresses these needs.
Digital wallets centralise customer identity management in the hands of the customer, and facilitate various financial transactions while incorporating cutting-edge identity verification features such as biometric and multi-factor authentication. This not only enhances operational efficiency and reduces transaction costs but also empowers customers by giving them control over their personal information.
With digital wallets, customers can manage and share their information on their terms, ensuring consent-driven data usage and compliance with GDPR. This approach supports data minimisation, reducing the volume of personal and sensitive information organisations must store and manage, thereby enhancing privacy and security.
Digital Wallets, what are they?
A digital wallet typically sits on a mobile phone, so most of us actually have one. We use it for travel tickets, vouchers, to access our banking. A digital wallet stores important information that a person wants or needs to reuse. It enables people, like you and me, to pay for things without the use of a credit or debit card. Recognised digital wallet providers include the likes of Google, Samsung, Apple, Paypal and Amazon.
With the growth of online digital transactions, there has been a growing demand for seamless identity verification for various business needs. How many times do we need to provide private and sensitive infromation, and ideally having to do this without carrying around our passport or driving licence.
Ensuring security and privacy is paramount, given the increasing risks associated with identity theft and fraud, both financially and reputationally.
A digital wallet provides us with greater security and control.
