The Power of Digital Identify x Payments
Arthur Bedel ?? ??
Global Payments Leader | Co-Founder of Connecting the dots in Payments... | FinTech Advisor | Ex-Pro Tennis Player
?????? ?????????? ???? ?????????????? ???????????????? ?? ???????????????? — Europe is Innovating… ??
The European Digital Identity Framework (EIDF) aims to unify and secure digital identity verification across all EU by introducing the European Digital Identity Wallet. This wallet will integrate identify verification with services like banking, healthcare and payments
???????????????????????????? vs ????????????????????????????:
? ???????????????????????????? — The process of establishing who a user is by collecting identity details (e.g., name, address, date of birth) from the user)
? ???????????????????????????? — The process of verifying the legitimacy of the identity during an interaction. It confirms that the user is who they claim to be, using tools like Strong Customer Authentication (SCA), Two-Factor Authentication (2FA), or Multi-Factor Authentication (MFA)
Identification is about "Who are you?" — Authentication is "Prove it's really you."
?????? ???????????? — ?????????????? ???????????????? linked to ????????????????:
? ???????????????????? ???????? ???????????????????? — Digital identity, when integrated with payments, reduces friction in the payment process by eliminating the need for repeated identity verification
? ???????????????? ???????????????? — The EUDIW includes mechanisms like multi-factor authentication and biometric data, ensuring secure payment processes
? ?????????????????????? ?????????????????? ??????????????????:
?? Financial institutions benefit from (KYC) processes
?? Loan applications and account opening are simplified
? ???????????????????????? & ???????????????? ?????????????? ????????????????:
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?? Merchants can use digital identity to offer personalized services
?? Zero Knowledge Proofs allow for age verification without revealing more personal information
?? Cross-border payments between EU member are simplified
How ?????????????? ???????????????? and ???????????????? are creating a ???????????????????? ???????????? ??????????????????
? ?????????????? ?????????????????? — The European Digital Identity Wallet serves as a single, unified digital wallet that can store both identity credentials (e.g., ID cards, passports) and payment methods (e.g., bank account details, payment tokens) — One-stop solution for both online and in-store
? ?????? ?????????????????? ????????????????????????:
?? Wallet Issuers
?? Attribute Providers
?? Relying Parties: Businesses (e.g., e-commerce platforms, financial institutions)
? ???????????????? ?????????????????????? ???? ???????????????? & ?????????????? — Payments and identity verification happen within the same workflow
? ???????? ?????????????? & ?????????????? — Users maintain control over which attributes are shared with which service providers
Let’s see how the major actors create adoption now!
Source: Worldline
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Co-Founder at Round Turn Partners | Driving Business Growth, Compliance Innovation, and Operational Excellence | Executive Leadership & Strategic Advisor
4 周Interesting perspective, Arthur Bedel ?? ??. While the European Digital Identity Wallet offers clear benefits for streamlining payments and enhancing security, I wonder about the challenges in ensuring consistent adoption and integration across all EU member states. The regulatory and technological disparities between countries could create friction, potentially slowing down the realisation of this unified system.
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1 个月Thank you Arthur Bedel for this important post combining the payment innovation with the European identity wallet. I often wonder how the use surveillance, biometrics and gps will overlay this payment convergence too ? Love to have your thoughts and the communities on this in the future and also the issue of protection of identity privacy that is valued in the European Union. ? CHERAY UNMAN
Driving Innovation in Payment Systems | Growth Strategist & Digital Payments Enthusiast | Card Payments | Outsourcing | Digital Banking Go-to-Market | Fintech | Cryptography | SaaS | SoftPos | Tokenisation
1 个月Insightful