Having a digital ID can make tasks faster and more convenient. It can also help people access vital services more easily, such as tax filing and mobile banking. In some countries, a digital ID is required in order to access government programmes, such as healthcare and welfare. However, while this technology has many benefits, there are also some downsides.

One of the biggest benefits of digital identification is that it helps to protect privacy. Without proper security, consumers are at risk of losing personal information. For instance, millions of people lack formal identification, making it difficult to get basic government services. For these individuals, having a digital identity is crucial to their lives. For businesses, the ability to KNOW YOUR CUSTOMER depends on digital ID. Find out more at www.w2globaldata.com/regulatory-compliance-solutions-and-software/know-your-customer

In addition to social and civic benefits, a digital ID can also unlock economic value. For example, by 2030, extending full coverage to the entire population could unlock economic value equivalent to three to thirteen percent of GDP. Moreover, over half of the potential economic value would accrue to individuals. However, it is important to note that not all of this potential will be realised, especially in the early stages of a digital ID programme. In order for a digital ID to become widely adopted, it must deliver real value and be easy to use.

Digital IDs increase the security of transactions and improve the user experience. Furthermore, they can help reduce the risk of online fraud. Physical IDs are not as secure as digital IDs, and they can easily be manipulated or purchased by a thief.