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.
“A trustworthy digitized world can only be created if both organizations and governments follow the proper framework.”
– Philipp Pointner, Chief of Digital Identity at Jumio, in Goodbye, physical identities: How organizations can prepare for digital identity challenges
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.
Seamless Identity Verification
Enhance conversions with support for user-preferred ID types, including digital IDs such as Brazil CNH Digital.
Fast, Accurate Verification
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.
Industry Leader
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.
