The Emergence of Digital Wallets
As we transition towards cashless economies, digital wallets have become integral to everyday transactions. These digital tools offer unmatched convenience, enabling speedy payments and transfers. With the global mobile payment revenue expected to generate a revenue of $15.69 trillion USD by 2028, the use of digital wallets is clearly on the rise. However, with this ease comes a significant challenge – ensuring secure payment authentication.
The Challenge of Payment Authentication
Traditional methods of authentication, such as passwords and PINs, while familiar, increasingly fall short in our digital era. Remembering complex passwords can be demanding, and cybercriminals continually find innovative ways to breach these defences. This has contributed to a surge in digital wallet fraud, with a recent report finding that digital wallet payment fraud increased by 200% in Q1 2022 alone.
Reusable Identities: A New Era of Security
Enter the innovative concept of reusable identities, a unique digital representation of yourself composed of diverse, user-specific data. This identity can be used across multiple platforms, removing the need to recount countless passwords. One key component of reusable identities is biometric data. Uniquely personal and nearly impossible to replicate, biometrics offer a superior layer of security. With biometric authentication predicted to be used to secure $2.5 trillion USD for mobile payment transactions, an increase of almost 1,000% from 2019, the future of biometric authentication in digital wallets is clear.
Beyond Security: Enhancing User Experience
The benefits of reusable identities extend beyond enhanced security. Using biometrics also streamlines the authentication process, offering a smoother, more user-friendly experience. It’s now possible to strike a balance between uncompromised security and ease of use, a balance previously hard to achieve. Accessing a digital wallet through biometric authentication is virtually instantaneous, as opposed to fumbling with complex passwords or switching between platforms for OTPs. This seamless process not only enhances the user experience but also encourages more frequent use of digital wallets, further integrating them into our daily financial activities.
Facephi: Powering Reusable Identities with Biometrics
At Facephi, we’ve harnessed the transformative potential of reusable identities in combatting digital wallet fraud. Our cutting-edge biometric authentication solution utilises reusable identities to significantly enhance payment security.
For more information on how to enable secure user access with Facephi’s trusted biometric authentication, please click here.