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Digital wallets beyond $16T in payments; banks want to handle identity transactions too. A digital wallet’s three main functions are payments, ID and access, such as to health records. ‘Infrared Vaccination QR Code SMART MARK’ of the Beast System.
Mar 1, 2023, 3:51 pm EST Biometrics Update
The launch by the Linux Foundation Europe of the global OpenWallet Foundation (OWF) drive to create an open-source engine – toolbox, repository, collaboration place – from which anyone can build a digital wallet seems to be creating something of a moment for the digital wallet.
Many are already using tools on their smartphones like Apple Wallet, Google Wallet and Samsung Wallet.
Of course, there are major wallet projects already underway such as the EU Digital Identity Wallet scheme, which is being joined by others such as Inji from MOSIP. India already has DigiLocker. The Nordics have shown how a banking sector can create a multipurpose ID app with BankID. Then there is Singapore, Estonia and so on.
But this could all still be the tip of the digital pocket iceberg.
‘Why the World Needs an Open Source Digital Wallet Right Now’ is the white paper by the OWF released at its launch (and should maybe have the word ‘engine’ after ‘wallet’). As we have a growing number of apps acting as digital wallets for various use cases such as tickets and currency, we are prone to vendor lock-in and potentially weaker security.
OWF does not want to build a wallet, but support the development of other wallets that are secure and work on any operating system, in any currency and language. “The digital wallet could become the most important tool ever for asserting control and engendering trust in our digital lives,” notes OWF Founder Daniel Goldscheider in the foreword.
A digital wallet’s three main functions are payments, ID and access, such as to health records, warranties, tickets. For payments, they are already ahead of the game. The report quotes from Worldpay’s ‘Global Payments Report 2022’ to show how digital wallet transactions reached US$15.9 trillion in 2021, making up 49 percent of e-commerce payments and 29 percent of retail, the latter projected to rise to 39 percent by 2025, almost catching up with cards at a predicted 44 percent.
The paper considers the hundreds of wallets already on the market and outlines issues such as vendor lock-in, questionable business models where user data is sold, unknown black-box designs and lack of interoperability.
The paper does not consider the likes of Apple, Google and Samsung’s wallets. Countries and states are trying to integrate identity credentials with these first-party providers, such as South Korea for its digital ID.
“Coordinating all these projects is a huge challenge that no one is doing. But it points to a likely solution: an open source wallet engine that promotes interoperability around the world,” states the white paper.
“Right now, we all have a common problem: consistent, compliant, and secure access to products and services,” Juliana Cafik, a principal standards architect at Microsoft’s identity standards team is quoted as saying.
The OWF does not foresee a super app that does everything for all. This seems an opportune moment to note that Futurewei, the U.S.-based research venture from Huawei is an Inaugural Premier member (sponsor). Tencent, developer of super app WeChat, does not have a seat at the table, nor does the Ant Group.
“We see a future where we’ll still have multiple wallets,” says Drummond Reed, director of trust services at Gen Digital. “That’s why we need a world-class wallet engine to ensure that interoperability is built in.”
Banks want a neutrally collaborative piece of the identity action
The Mobey Forum, “the global industry association empowering banks to shape the future of digital financial services,” has launched its Digital Wallet Expert Group to help financial institutions explore digital wallet use cases.
“The Expert Group will help banks expand their role in the digital economy to offer trust-based services that move beyond payments,” states the release. Mobey Forum’s Mobile Wallet Working Group had successes in the early 2010s that would go on to “commercially entrench specific stakeholder groups, including banks, in the creation and delivery of the technology and its supporting infrastructure to end users.”
Goal posts move. “A decade on, the digital wallet is not only pervasive but is again evolving to serve a variety of new use cases, including as a vehicle for digital identity.”
Banks’ position of trust with their customers is a real advantage, according to Executive Director Elina Mattila: As more consumers rely on digital wallets to store everything from plane tickets to identity credentials, it’s clear that banks have an important role to play in the growth and evolution of the ecosystem.
“Our Expert Group aims to help banks build on their strong positions of trust to establish prominent roles in the development of the infrastructure that supports digital assets, identification and trust services, open banking, and embedded finance.”
Mobey Forum “welcomes engagement from banks and related stakeholders interested in advancing the evolution of the digital wallet ecosystem through commercially neutral collaboration,” states the release.
The Expert Group announcement came one month after the release of the Expert Group’s report ‘The Rise of Digital Identity Wallets: Will Banks Be Left Behind?’
It urges financial institutions to consider their role in the digital identity ecosystem and finds that while they do not need to be building entire wallets, they can create “the infrastructure that enables issuance and acceptance of Verifiable Credentials. In addition to issuing wallets and credentials, banks also have opportunities to act as credential consumers, relying parties, authentication providers, and to combine these services in accordance with their own strategic approach.”
But they can also very much seize their trust advantage with consumers, governments and the private sector to explore whole new products.
“The growing need for trusted online identity means that Digital Identity services can enable banks to be more embedded in their customers’ daily lives,” states the report. Banks can generate new revenue streams by sharing data, note the authors.
From its survey of financial institutions worldwide in mid-2022, the Expert Group found that none saw public infrastructure as the ideal technical identity network infrastructure operating model. The majority see a joint public and private future.
“Banks should be part of forums and expert groups, and to contribute to the Digital Identity conversation,” states the report.
Meanwhile, Visa is a premier member of OWF. American Express is a general member.
“Without banks, it’s going to be very difficult for society to stand up a Digital Identity system. So, it’s not just about a business case, it’s about driving positive, real, and long-lasting change.”
There is an accompanying podcast on the issues.
But how can they call on him (Jesus Christ) to save them unless they believe in him (Jesus Christ)? And how can they believe in him (Jesus Christ) if they have never heard about him (Jesus Christ)? And how can they hear about him (Jesus Christ) unless someone tells them?” —Romans 10:14
In His Service,
Night Watchman Ministries
Make Your Decision for Christ NOW!!!!!!! Time is Up!!!!!!!
Jesus Christ’s Offer of Salvation:
The ABCs of Salvation through Jesus Christ (the Lamb)
A. Admit/Acknowledge/Accept that you are sinner. Ask God’s forgiveness and repent of your sins.
. . . “For all have sinned, and come short of the glory of God.” (Romans 3:23).
. . . “As it is written, There is none righteous, no, not one.” (Romans 3:10).
. . . “If we say that we have no sin, we deceive ourselves, and the truth is not in us.” (1 John 1:8).
B. Believe Jesus is Lord. Believe that Jesus Christ is who He claimed to be; that He was both fully God and fully man and that we are saved through His death, burial, and resurrection. Put your trust in Him as your only hope of salvation. Become a son or daughter of God by receiving Christ.
. . . “That whosoever believeth in him should not perish, but have eternal life. For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting life. For God sent not his son into the world to condemn the world; but that the world through him might be saved. (John 3:15-17). For whosoever shall call upon the name of the Lord shall be saved.” (Romans 10:13).
C. Call upon His name, Confess with your heart and with your lips that Jesus is your Lord and Savior.
. . . “That if thou shalt confess with thy mouth the Lord Jesus, and shalt believe in thine heart that God hath raised him from the dead, thou shalt be saved. For with the heart man believeth unto righteousness; and with the mouth confession is made unto salvation.” (Romans 10:9-10).
. . . “If we say that we have no sin, we deceive ourselves, and the truth is not in us. If we confess our sins, he is faithful and just to forgive us our sins, and to cleanse us from all unrighteousness. If we say that we have not sinned, we make him a liar, and his word is not in us.” (John 1:8-10).
. . . “And he is the propitiation for our sins: and not for ours only, but also for the sins of the whole world. (John 2:2).
. . . “In this was manifested the love of god toward us, because that God sent his only begotten Son into the world, that we might live through him. And we have seen and do testify that the Father sent the Son to be the Saviour of the world. Whosoever shall confess that Jesus is the Son of God, God dwelleth in him, and he in God.” (1 John 4:9, 14-15).
. . . “But God commendeth his love toward us, in that, while we were yet sinners, Christ died for us. Much more then, being now justified by his blood, we shall be saved from wrath through him. For if, when we were enemies, we were reconciled to God by the death of his Son, much more, being reconciled, we shall be saved by his life.” (Romans 5:8-10).
. . . “For the wages of sin is death; but the gift of God is eternal life through Jesus Christ our Lord.” (Romans 6:23).
. . . “Jesus saith unto them, I am the way, the truth, and the life, no man cometh unto the Father, but by me.” (John 14:6).
. . . “For I am not ashamed of the gospel of Christ: for it is the power of God unto salvation to everyone that believeth.” (Romans 1:16).
. . . “Neither is there salvation in any other: for there is none other name under heaven given among men, whereby we must be saved.” (Acts: 4:12).
. . . “Who will have all men to be saved, and to come unto the knowledge of the truth for there is one God, and one mediator between God and men, the man Christ Jesus.” (1 Timothy 2:4-6).
. . . “For God did not appoint us to suffer wrath but to receive salvation through our Lord Jesus Christ.” (1 Thessalonians 5:9).
. . . “But as many as received him, to them gave the power to become the sons of God, even to them that believe on his name.” (John 1:12).
True Church / Bride of Christ Spared from God’s Wrath:
Romans 5:8-10. “But God commendeth his love toward us, in that, while we were yet sinners, Christ died for us. Much more then, being now justified by his blood, we shall be saved from wrath through him. For if, when we were enemies, we were reconciled to God by the death of his Son, much more, being reconciled, we shall be saved by his life.”
Romans 12:19. Dearly beloved, avenge not yourselves, but rather give place unto wrath: for it is written, Vengeance is mine; I will repay, saith the Lord.
1 Thessalonians 1:10. And to wait for his Son from heaven, whom he raised from the dead, even Jesus, which delivered us from the wrath to come.
1 Thessalonians 5:9. For God hath not appointed us to wrath, but to obtain salvation by our Lord Jesus Christ,
Romans 8:35. Who shall separate us from the love of Christ? shall tribulation, or distress, or persecution, or famine, or nakedness, or peril, or sword?
Jeremiah 30:7. Alas! for that day is great, so that none is like it: it is even the time of Jacob’s trouble, but he shall be saved out of it.
Revelation 3:10 Because thou hast kept the word of my patience, I also will keep thee from the hour of temptation, which shall come upon all the world, to try them that dwell upon the earth.
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