IDcentral... A Subex Company
We live in a world where our heads are filled with security logins and pockets filled with Identity cards, but since a few years there is another rising star in the world of identity-DIGITAL IDENTITY.
What is a digital ID?
A digital identity is a set of verified digital attributes and credentials of a person, just like a person’s ID card for the physical world. Digital identity has two major components:
These 2 things sum up one’s digital identity to answer 3 main questions about oneself, i.e.
Who am I?
What are my likes and preferences?
Am I credible?
This covers all information required for the enterprises to cater various products and services efficiently to the individual.
Following are the factors that are expected to boost the exponential growth of Digital Identity in days to come:
1. Easy access to internet and cheaper smartphone
The relevance of digital identity shoots up with increase in mobile penetration as with this we are able to make the underserved and people living in remote area, digitally visible. Over 4 billion people already have access to the Internet in early 2020. The global online internet penetration will reach 60% by the end of this year. 50% of global internet traffic is mobile in 2020.Mobile devices (also including tablets) are now the primary means of accessing the internet for users. 90% of the population in Zimbave, use mobile wallet hence digital identity is extremely important for such an economy to smoothen this transaction.
With further rise of online banking, social media, e-commerce and peer-to-peer services, a verified digital identity is a crucial ingredient in making any digital platform succeed.
2. Increasing need for Security and Trust:
Since the enterprises are at the tipping point of switching to adopting omnichannel approach for selling, it is very necessary that they have trust on the person who is onboarding is who he/she claims to be. Similarly, the customer needs to have trust on the company since the interaction is going to be virtual. This has put a lot of stress on the concept of “Security”. We need to build a framework of trust which should be built upon personal data protection and security guarantees. Robust security measures will be the response to new demands for trust in all exchanges between citizens and public authorities. Therefore, higher demand for security will give push to the adoption of digital identity.
3. Governments backing digital identity for delivering societal and economic benefits.
There is a strong push by the government for a national digital ID, which will be used by government and private sectors, to meet the needs to identify individuals accessing e-services and authenticate other secure transactions. The widespread lack of ID in developing countries is a critical stumbling block to national growth. Out of 7.6 Billion population 1 billion people do not have a digital identity and 3.4 billion people have some form of ID but no digital trail. Digital ID combined with the already extensive use of mobile devices in the developing world, will offer a transformative solution to the problem. In the emerging economies, we find that basic digital ID alone could unlock 50 to 70 percent of the full economic potential, assuming adoption rates of about 70 percent.
Learn more about the recent changes by the government to make the digital system more holistic
Ayesha Kapoor is currently working with IDcentral (A Subex Company) as a growth Marketer. She is a post graduate in management from Symbiosis Institute of Digital and Telecom management with marketing as her majors. She is creative head who loves to read and explore different avenues in the field of Marketing, Branding and Advertising.