FB pixel

Focus on bank’s role in digital wallets gets sharper

Focus on bank’s role in digital wallets gets sharper
 

It is the second month of 2023, and seemingly everyone wants in on what could be the awakening of banks to digital wallets.

The Mobey Forum, a digital finance association for financial firms wanting more digital revenue, has a new wallet report out, for instance. The mid-depth document boils down to an unsurprising message.

It is up to the sector to be more of a player in digital identity, including playing a substantial role in making digital identity a global fact of life. In fact, forum members say, that is going to be hard without the perceived solidity and sobriety of legacy financial institutions.

These companies are best positioned to trade on their industry’s history of keeping customers in control, for the most part, of the assets they bring in the door. For digital identity to work, “the individual is the true owner of their identity information and controls how this information is managed, stored and consumed.”

David Birch has the religion. Birch, a well-regarded author and commentator on digital financial services, has contributed a piece to Forbes.com about the rise of wallets. In it, he gives a thumbs up to the forum’s report.

Wells Fargo, JPMorgan Chase and Bank of America are coding an online-only digital wallet. It will be operated by Early Warning Services on the Secure Remote Commerce standard. Payment network Zelle is managed by Early Warning.

Based on a global survey by financial services firm FIS, Birch estimates that $2.5 trillion is moving from consumers’ digital wallets to global retailers.

But his overarching theme is that people who should know better only think of wallets as a mode of payment.

Wallets hold ID for purchasing age-regulated goods as well as licenses and credentials. Increasingly, they will communicate with systems and subsystems to ease transactions and fight fraud, something that too often still is an either/or proposition.

Article Topics

 |   |   |   |   | 

Latest Biometrics News

 

Privacy, free speech, children’s online safety collide in age assurance legal wars

By this point, the amount of collective hand wringing over children’s online safety and related age assurance legislation could surely…

 

St. Kitts and Nevis chooses Cybernetica as strategic adviser for digital ID system

St. Kitts and Nevis has chosen Cybernetica as strategic adviser as it implements a national digital identity system. Cybernetica is…

 

UK needs unified regulation for facial recognition: Biometrics Institute

The UK needs a clearer and consistent framework for governing facial recognition in public spaces as missteps in deploying the…

 

Cambodia: IDPoor Programme alleviates poverty as system continues digitization

The United Nations Development Programme has provided additional ICT equipment for Cambodia’s IDPoor Programme. The equipment includes 546 tablets, software…

 

Growth of digital wallet use shaking up payment regulations and benefits delivery

Digital wallets are transforming online, offline and cross-border payments around the world, prompting calls for regulatory change in Australis and…

 

Sardine nets $70M in Series C funding for automated fraud prevention platform

Sardine, a startup that employs machine learning for fraud prevention, compliance and credit underwriting, has announced a $70 million Series…

Comments

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Most Viewed This Week

Featured Company

Biometrics Insight, Opinion

Digital ID In-Depth

Biometrics White Papers

Biometrics Events