A digital identity is a reusable, electronic proof of identity issued by a trusted authority with a known level of assurance. A digital identity provides much greater privacy and data protection than a traditional form of identification, such as a driver’s license. It’s cryptographically secured and allows consumers to release just the necessary data when verifying themselves.
Both the public sector and private companies are looking to offer reusable digital identities, with the aim of improving the verification process, reducing fraud and increasing data privacy. Current successful examples in the market today include Singpass and BankID.
The reusable identity market size is expected to grow from USD 32.8 billion in 2022 to USD 266.5 billion by 2027. Similar to issuing a credit card, businesses are recognizing that they can tap into this market and offer a powerful new service to their customers by issuing them a digital ID they can use whenever identity verification is needed.
If you want to issue your own digital identities for your customers, Jumio’s strategic partnerships with technology providers will enable you to build issuance for your ecosystem. Contact us to start a conversation about your business needs, and we’ll guide you every step of the way.
Jumio makes it simple to accept digital identities from your customers. As a Jumio ID Verification customer, there’s nothing else you need to do — just tell us which digital IDs you want to accept, and we do the rest.
Jumio has long been the leader in online identity verification and is way ahead of the game in digital identity as well. In addition to developing solutions to enable our customers to issue and verify digital identities from trusted sources, including smart wallets and eIDAS, we are helping to drive the conversation about policy and standards.
During onboarding, we can verify digital identities from issuers around the globe with the same level of assurance as the physical IDs we verify today.
Gordon explains why digital identity techniques are on course to replace existing identity proofing/identity verification tools and systems in this Information Security Media Group podcast.Listen to the Podcast