Digital identity wallets enable a trusted, convenient, and rich online experience for users where they can provide their identity, authenticate on websites, sign documents digitally and confirm transactions.
All these tasks can be done in seconds while better engaging with private and public online service providers.
A mobile ID wallet can be used for:
User Identification: Users can prove who they are while searching the web, undertake real-time ID checks, and securely sign up for new online services. It also helps online service providers comply with know-your-customer policies.
Digital signature: Due to the PKI technology, users can use their mobile ID to sign documents in just a few clicks.
Online Authentication: A digital ID is a strong authentication tool that allows users to log in and validate transactions securely.
E-Health documents: It is difficult to carry your e-health documents, such as COVID-19 certificates and with the current restrictions there is a need for an official digital record of vaccination. Some countries provide access to E-health through smart health cards. A mobile wallet helps you save your medical records without the pain of carrying them.
The 5 Benefits of Mobile ID Wallet
The use of Mobile ID Wallets offers advantages to users such as the following:
1. Provides storage for credentials
A digital ID wallet is like a conventional wallet or purse that stores essential information, documents, and credentials and helps you keep them secure, with the benefit of securing and protecting the personal information, while offering privacy and control. It also has the benefit of accessing the information easily and quickly.
2. Better security
Mobile identity wallets allow users to perform transactions without using cash and protect their bank account information and passwords. It operates by using security protocols, such as two-factor authentication and one-time-use PINs. Digital wallets use virtualization and encryption techniques while ensuring users’ financial information.
3. Provides control
One of the most important benefits of a mobile ID wallet is that it provides users with complete control over credentials and data. Users can determine the amount of information they share, and they have the freedom to decide when to share the information.
4. Mitigate cyber risks
Many small and large organizations have been a target of cyber attacks over the years. It has been observed that no industry is safe. Everything from government infrastructure to nonprofits to schools are at risk. Most of the cyber attacks target small businesses due to a lack of robust security measures. Digital wallets with security measures help organizations and users stay safe from potential risks and attacks.
5. Establish secure connection
A mobile identity wallet is beneficial to interact with others. It lets you establish encrypted connections with other parties. This advanced technology can be used to share information and exchange messages without having to worry about security.
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Other considerations and risks of using Mobile ID Wallets
Like any other innovation, the mobile ID wallet is also set to face some considerations which include:
Accessibility
ID Wallets must be inclusive and Accessible by most of the population not to create discrimination, i.e. must be able to run in the widest number of devices.
Time limitations
are probably the most significant constraint of mobile identity wallets. There is a need to invest in the development of trusted softwares to ensure the security and smooth functionality of these ID Wallets.
Regulations
need to be established and made clear throughout all parties to ensure how the personal information is stored and shared.
Security
can become a problem when using mobile wallets. Digital devices without robust security can be susceptible to data breaches and cyber-intrusions.
Device
defects can limit the use of the Mobile ID Wallet. As a mobile identity wallet is completely dependent on a device, if this breaks down all the information cannot be used.
We have discussed in the article how users can take advantage of mobile ID wallets. These can help users make life easier and online transactions more secure. Mobile identity wallets can be used to replace users’ passwords, sign their online transactions, ensure their digital identity, and protect their access to essential documents.
Similarly, it makes it easier for organizations to respond to customers’ demands for online security and authentication of a range of credentials. If security matters to you, learn more here about Build38’s mobile app and fraud protection solution and how it can help your mobile businesses to achieve security aspects to make it more robust.
