McKinsey reported that extending full digital ID coverage could –UNLOCK economic value equivalent to 3 to 13 percent of GDP in 2030. Unlike paper IDs such as driver’s licenses and passports, digital IDs are verified remotely through digital channels. For instance, a digital ID can be issued by a national or local government, a private or non-profit organization consortium, or an individual who uses professional digital authentication technology (ranging from biometrics to passwords), PIN code, or smart device and security token.
According to World Bank’s database estimates, almost one billion people globally lack legally recognized identification. An additional 3.4 billion who have some legally recognized identifiers have limited ability to use them in the digital world. The remaining 3.2 billion have a legally recognized identity and participate in the digital economy but may have difficulties using that ID effectively and efficiently online. Digital identities promise to create economic value for these three groups by encouraging more participation and thus better access to goods and services, enabling them to make informed investment decisions. It also strengthens formalization, helping reduce fraud, protecting rights, and increasing transparency. Additionally, it facilitates digitalization, thereby improving efficiency and usability.
The technology required for digital identity is now ready and more accessible than ever. More than four billion people currently have access to the internet, and nearly a quarter-million new users came online for the first time in 2017. This improvement enables emerging economies to move beyond paper-based identity methods helping investment platforms move online without undue hassles. The International Data Corporation(IDC) affirmed that the global datasphere will grow to 163 zettabytes by 2025, ten times the level in 2016. Additionally, the development of regulatory requirements and consumer preferences makes more people concerned about data protection and control for all digital systems, enlisting digital identification solutions as imminent.
ABOUT LADDA
Where does Identitypass come in?
With financial services companies under control, Ladda needed to undertake appropriate Anti-Money Laundering and Know Your Customer procedures for every customer. In addition, they must provide the required level of security without compromising the quality of service. This type of due diligence is only achievable through a secure and reliable digital identity platform-an identity solution platform with the scale, experience, and ability to perform verification in such a large market. Identitypass meets those standards.
By integrating Identitypass, Ladda clients can validate the authenticity of their clients’ identities. Identitypass verifies the client’s identity and confirms that it matches through digital and automated techniques. This process verifies that the person is legitimate and ready to invest through the app. With this process, it takes an average of 2–3 minutes or less to create an account and start trading by integrating with their existing tech stack.
Get Started and secure your business today!
Identitypass is currently available to businesses who desire to have the identities of their customers/clients and intended partners verified seamlessly before engaging in business transactions with them. You can contact our team to get started as a new user. We have a combination of resources for you as you begin with Identitypass.
- Sign-up is free for new users.
- Check our use cases to see examples of what biometric authentication supports.
Our contribution in powering the growth of different companies irrespective of size and industry peculiarities has been massive. We have one of the best verification platforms across the continent while continually making it super-easy for businesses to verify identities across the globe. Our most profound aim is to keep developing the most potent, adaptable, and simple identity verification solutions as we continue to re-invent in line with healthy business trends.
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