Advancements in digital wallets and identities are driving new credentials that change everything from how to provision a credential, how to manage them, and how to interact with the physical world to gain access to rooms, spaces, and buildings. In the shorter term, mobile wallet-enabled credentials will continue to be more prevalent as more big tech investment comes into the space. Security professionals should be thinking about and planning the impact this could have on their organizations and be ready for both the technical and cultural impacts of digital and mobile wallets.
Convergint partners with HID to deliver transformative mobile access solutions, including programs that make use of digital wallets. A digital wallet is a technology that can be used on NFC enabled smartphones which allows the user to securely store information like banking data or passwords to make safe transactions online, in apps, or via peer-to-peer payments.
Digital wallets offer individuals a new way to authenticate their identities conveniently and seamlessly, including storing, organizing, and verifying the identities needed in daily, digital interactions. Digital wallets can help people not only to transact safely, but to travel freely, and work productively.
Forces driving the shift towards digital identity verification:
Impacts on the security industry
As the adoption of digital wallets and digital identities continue to expand, they are poised to have a substantive impact not only on our daily lives, but also on the security industry. Digital wallets are being used for access not only at the front door, but also throughout the building, including elevators, printers, workstations, parking, and more. The shift to digital access helps host buildings drive operational efficiencies, accelerate digital adoption, and contribute to strategic initiatives such as ESG. Security leaders should initiate discussions on readiness and engage in iterative planning relating to mobile in general, helping determine what considerations are key to the discussion.
The evolution of technology, together with consumer demand for a consolidated, convenient experience, and a growing body of legislation and standards are enabling digital wallets to reshape digital identity verification from access control to financial transactions and beyond. With a wide reach and daily touchpoints, the digital wallet category is poised to have a substantive impact on the way we interact with our homes, with our employers and workplaces, with the tourism industry, and even with our governments—but only if new solutions can deliver on reliability, scale, and convenience in balance with security and privacy.