The Retailer Summer Edition 2021

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The introduction of this technology offers several advantages for con- sumers when making in-store and e-commerce purchases. Ahuge benefit, in our digitised society, will be that it offers better data privacy. Unlike traditional IDs, a digital ID will only share the information necessary to make a purchase, a process called data minimisation. It also offers huge practical benefits. By using a digital ID stored in a mobile wallet, customers can buy and prove their identity with a single device. How many times have you forgotten your identification docu- ments when you’re in a shop buying age-restricted goods?With a digital ID on your mobile phone, you can leave your wallet or purse at home. For retailers, the rise in fake IDs plus fraudulent accounts online, makes it increasingly challenging for them to check the age of their customer. Digital identity in retail would be great for proving a customer is over 18. This could be achieved by sharing a photo of the individual together with an ‘over 18’ indicator whilst not sharing any other personal data including date of birth. Also, at the point of sale and with the consent of the customer, it would allow retailers to easily capture other personal info for warranties, receipts, or for marketing purposes. As well as providing a more efficient and safer in-store customer interac- tion, digital IDwould drastically improve online retail experience for the retailer. A digital ID could help solve the high rates of cart abandonment with online purchasing as customers won’t need to repeat entering separate information such as name, mobile number, address and so on. In fact, British shoppers abandon online baskets worth almost £30 a month, potentially resulting in more than £18bn in lost sales everyyear****

To find out more about Digital IDs and managing Financial Crime in general, join us at Financial Crime 360, taking place on the 9th November at the Royal Lancaster Hotel, London. There will be a whole session dedicated to: “Digital IDQ&A session: Ditching the paper trail – Is digital ID the solution to security vs frictionless?” Visit the website https://bit. ly/3z67WVx to find out more.

Tom Brewin +44 20 7378 9890 Marketing@emergingpayments.org emergingpayments.org/ @EPAssoc Emerging Payments Association

References: *https://www.forbes.com/sites/lawrencewintermeyer/2021/05/19/can-the-uk-government-get-to-grips-with-digital-identity/?sh=3b7f3c15297d **https://www.gov.uk/government/publications/the-uk-digital-identity-and-attributes-trust-framework/the-uk-digital-identity-and-attributes-trust-framework ***https://news.bitcoin.com/using-decentralized-digital-ids-and-blockchain-to-help-millions-in-africa-get-identified/ **** https://home.barclaycard/press-releases/2018/04/Retailers-losing-out-on-18bn-each-year-through-Surf-and-Turf-online-shopping-trend/ (30 words)