What is Mobile Identity?
17 May 2021
Mobile phones were originally created with one purpose – to make communication easier. But in the era of digital transformation, they are relied on for so much more. Mobile devices have presented users with unprecedented levels of convenience in everything from communications, to banking, to healthcare in a hyper-connected world.
Simply put, mobile identity utilises a user’s identity attributes tied to a mobile device for identity verification, authentication and authorisation.
Mobile identity is not just an enabler for logging in and transacting – it can also play a central role in communication and interaction with people and things, and can revolutionise online activities for billions of users.
Mobile identity ensures financial inclusion and allows us to prove who we are online, especially if a traditional credit history does not exist. It enables access to more online services whether it be locally or internationally, especially for those who don’t yet appear on typical financial databases.
Prioritising Digital Identity
There is growing demand for mobile identity authentication services worldwide and companies are realising the necessity in the wake of increased digital fraud. Today the digital identity market includes over 3,000 companies and is worth a staggering $210 billion, growing at a 19% CAGR.
It is predicted by Juniper Research that a strong adoption of mobile identity solutions will be seen worldwide and are likely to become the primary source of identification for over 3 billion people by 2024. Digital identity apps will exceed 6.2 billion in 2025, from just over 1 billion in 2020.
Organisations are increasingly exploring how mobile devices can be used to supplement and even replace traditional identity documents. And in 2020, the pandemic’s impact forced enterprises, institutions, and governments to transform and prioritise digital identity.
The centre of the digital economy is mobile, fuelled by economic and social transformation. And with increased need for trusted transactions all over the world, the key to success in the industry means giving consumers an easy and trusted digital journey.
The habits and expectations of mobile users have changed dramatically since smartphones became standard. Mobile identity brings another level of convenience when it comes to online identity verification and authentication, with the ability to prove who we are, wherever we are.
Enabling trust in the digital economy is an important dimension and is crucial in combating cybercrime. This is where the mobile industry has an important role to play.
Mobile Operators as Identity Guarantors
As a highly regulated industry, mobile operators are uniquely positioned to ensure digital interactions are safe and seamless. By focusing on the trusted relationships mobile operators have with customers mobile identity provides convenient and secure solutions for customer authentication and authorisation.
Mobile operator revenue from digital identity is expected to reach $8.1 billion in 2025, up from just $1.3 billion in 2020. As the identity space evolves, the unique relationship and the wealth of data mobile operators hold on their subscribers can provide a valuable layer of identity intelligence. Essentially, mobile operators are able to play the role of a guarantor of identity.
Mobile identity isn’t going anywhere and leveraging assets from mobile operators has benefits for everyone involved – mobile identity providers, end users and the mobile operators themselves. Talk to SLA Digital today to find out more about our mobile identity solutions.