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
Digital 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. Digital wallets play a crucial role by allowing individuals to control their identity data. Implementing digital wallets addresses these needs by putting users in charge of who can access and use their information
Digital wallets centralise customer identity management in the hands of the customer, and facilitate various transactions, including financial ones, 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 or can be accessed through a web-based platform, so most of us actually have one. We use it for travel tickets, vouchers, to access banking services, and securely storing important information that we need to reuse. Whether it is in a mobile app or a secure web-based environment, digital wallets help people, like you and me, pay for things, but just as importantly, they serve as a digital passport that allows secure and consent-based identity sharing.
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 information, ideally 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 you with greater security, control and convenience.
