The push toward digital identities is so far a fragmented one, where seemingly app by app, digital identities are established, and at least in some respects are confined to certain use cases.
But then again, familiarity breeds usage, and the more we wield digital proofs of identity, the more commonplace they’ll become.
In one recent example, in evidence of digital IDs merging with the most embedded of daily activities, individuals in the United Kingdom can wield app-loaded digital IDs at the post office to pick up their mail.
As announced by the U.K. Post Office, the digital IDs, created by digital identity company Yoti, can be presented at branches, rather than using a physical document such as a license or passport. The post office said the Post Office EasyID app can be used, too, to complete online transactions that require proof of identity for age-restricted products such as medicines, lottery tickets and computer games.
The app uses facial recognition tech to verify documents such as passports, through a secure digital ID that is protected by both the biometrics and a PIN. To get a sense of the wide-ranging settings at which the app can be used, beyond the post office, the IDs can be used also at 13,000 Payzone outlets that are located within convenience stores.
Growing Awareness
The awareness, on the part of businesses, toward bringing digital ID into their own products and services, is a first step toward cementing the ecosystem and encouraging consumer adoption. And as noted in a recent collaboration between PYMNTS and Equifax, we found that 38 percent of firms surveyed said they see digital identity verification as more important than it was last year. And 43 percent of financial institutions see digital identity verification as very or extremely important goals.
Read also: New Data: Auto Dealers, Banks, Alt Lenders Are Leaning Into Digital ID Innovation
In a recent interview with PYMNTS, Trulioo Senior Vice President of Identity Solutions Garient Evans told PYMNTS that collaboration across businesses and use cases can help boost engagement with brands — even among stepped-up authentication processes. There’s the chance to “inform the consumer about why you’re collecting what you’re collecting,” Evans said. “And that’s before you allow them to transact, which is upping the risk associated with that new account relationship. So, there are many clever ways to start opening these accounts, engaging with consumers and giving them options.”
And Trulioo CEO Zac Cohen stated in commentary made during an interview with Karen Webster that the digital identity market is rapidly growing and is estimated to reach $20 billion to $30 billion in total value over the next five years. That means there are more incentives than ever to build tools to grow the industry in a holistic approach that can help bring trust to online marketplaces.
Learn more: Trulioo: Why Digital Identity Needs Disruption – Right Now
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