In a recent webinar, Trinsic CEO Riley Hughes dove into the dynamic world of digital ID networks, emphasizing the significant growth and adoption across the globe. Here’s a summary of the key insights that were shared during the session:
The Rise of Digital IDs
With over 2.5 billion digital IDs in existence today, the webinar highlighted the crucial role these identities play in enhancing user experience by significantly reducing friction. The adoption of digital IDs allows for a streamlined process, reducing verification time from approximately 90 seconds to just 10 seconds. This efficiency drives a better user experience and increases conversion rates for businesses.
Regional Adoption Highlights
- North America: Home to 30 digital ID schemes, covering 21% of the adult population. Major networks include ID.me and CLEAR, with ISO standards guiding implementation.
- Europe: Hosts 45 digital ID schemes, serving 35% of the adult population. Notable networks include Italy’s SPID and France Connect. The eIDAS 2.0 regulation is a key driver of adoption.
- Asia: With 12 schemes covering 51% of the adult population, Asia is a leader in digital ID adoption, with Aadhaar in India being a standout network.
- Africa: Features 10 schemes reaching 22% of the adult population. Key networks include NIN in Nigeria and Fayda in Ethiopia.
- South America: Encompasses 6 schemes, engaging 40% of the adult population. Brazil’s Carteira Digital de Trânsito is a prominent network.
- Oceania: With 9 schemes serving 47% of the adult population, Australia and New Zealand lead the way with networks like myGovID and RealMe.
- Global Schemes: Include non-geography-specific networks like Microsoft Entra and Worldcoin, expanding the reach and potential of digital IDs.
The Challenges and Opportunities
While the proliferation of digital ID networks presents significant opportunities for businesses to improve verification processes and reduce fraud, fragmentation remains a challenge. Trinsic offers solutions to streamline the acceptance of digital IDs by helping businesses configure attributes needed for verification, trust requirements, and compliance across various geographies.
Benefits for Businesses
- Preparation for Future Adoption: Embracing digital IDs prepares businesses for the impending wave of adoption.
- Enhanced User Experience: Consumers gain flexibility in verification methods, leading to a superior user experience.
- Cost Efficiency and Security: The cryptographic security of digital IDs reduces fraud risk and lowers costs associated with verification.
For a detailed analysis and customized digital ID adoption report, visit Trinsic’s digital ID adoption report page.
This comprehensive look at the current state and future potential of digital IDs underscores their critical role in shaping digital transformation globally. The insights shared emphasize the importance of understanding regional nuances and leveraging digital IDs for business and consumer benefit alike.
For more in-depth insights and discussion, you can watch the full webinar here.
