The cornerstone of the future of payments
Digital identity plays an important role in the future of payments innovation because it is the gateway to a seamless customer experience. Across the world, a range of organisations, from governments to banks, retailers, telcos and social media companies are looking to solve the challenge of securely and conveniently identifying individuals and organisations online.
The Australian identity landscape is fragmented, but evolving steadily. Through the Australian Payments Council, industry is coordinating efforts to jointly address the topic, including working with the Government’s Digital Transformation Agency. Our research and investigation into overseas jurisdictions indicates that cross industry collaboration is required to deliver effective governance and to create the technical standards that drive interoperability and deliver scale.
The establishment of a digital identity framework will create new opportunities for digital service delivery, as well as helping to mitigate the risks of identity theft and online payment fraud. Importantly, it also has the potential to reduce the quantity of personally identifiable information (PII) that is shared online.