IDnow Focuses On Digital Wallets As New Member Of IDunion
IDnow will help guide the development of digital identity standards in Europe as the latest member of the IDunion network. As an organization, the IDunion is an advocate for decentralized identity management and works to create an open ecosystem that will allow European citizens to take advantage of digital identities in their everyday lives.
As a member of the network, IDnow will particularly focus on digital wallets. The company is currently working on a solution that would allow people to store a digital identity in a secure wallet on their smartphone. This wallet could then be unlocked through the use of device biometrics (facial recognition or fingerprints) if the holder ever had to prove their identity to a third party. The wallet gives individuals more control over their personal information, in a way that complies with the latest eIDAS regulations.
IDnow will modify its solution to ensure that it is also compatible with IDunion standards in the future. According to these standards, a good digital identity solution must be practical and cost effective in addition to being secure, with a strong emphasis on privacy and consumer rights.
“We are excited to play a key role in shaping the future of digital identities in Europe and look forward to working together on secure and cost-effective solutions,” said Armin Bauer, Co-Founder and Chief Technology Officer of IDnow. “The introduction of a digital identity solution is an important and necessary step for Europe. Now we need to think about a unified infrastructure.
The news is consistent with the prior IDnow standards work with organizations like the FIDO Alliance, and with various European regulatory agencies. The company noted that the demand for digital identity solutions has increased during the COVID-19 pandemic and has worked to grow its portfolio through the acquisitions of Wirecard and ARIADNEXT.
July 9, 2021 – by Eric Weiss