What is a Digital ID and Digital Wallet?
Digital ID and Digital Wallet are two terms being interchangeable used today by fintechs and software developers. However, both terms have slightly different meanings when it comes to usage of the underlying technology.
Digital ID or Digital Identity refers to a set of electronically captured and stored attributes and credentials that can uniquely identify a person or user transacting online (World Bank, 2018). User attributes could come from biographics of the user such as Name, date of birth, email address, phone number; physical data such as home address, and user biometrics, such as fingerprints, iris, etc., and behavioural data, collected from online activities. Unique identities and use of behavioural patterns make it possible to uniquely identify a person.
On the other hand, Digital Wallet refers to a virtual wallet or storage that stores and manages digital assets for a user. A digital wallet can store digital ID, online membership cards, money, phone credits and many more online assets that are associated with the user. The most famous digital Wallets are Google Pay, Apple Pay, Samsung Wallet, etc.
Both Digital ID and Digital Wallet use the same fundamental technologies such as encryption, tokenization and NFC to secure and share data, and they rely on each other to provide a seamless user experience for users who are transacting online.
The YuTru Digital ID is based on open standards and built using technology that allows its users to create a Digital Wallet to store, manage and use their digital IDs across recognised YuTru businesses (participants), without additional cost to users. Participants who register with YuTru are able to create and customise their digital wallets, and user logins to suit their organisation’s theme. YuTru Digital ID reduces the cost to administer and manage Identity Access Management Systems, on behalf of the participants.
YuTru is looking for suitable issuer and relier to partner with in trialling the digital ID system. Send us an expression of interest to info@yutru.org.pg if you want to know more and become a participant.