Signed, Sealed, Delivered

Signed, Sealed, Delivered. A digital identity crisis is currently taking place with increasing concerns over the use and misuse of personal data by companies. Digital wallets containing tokens to represent personal information such as ID, payment methods, and loyalty cards, might soon give people control over how much data they share with organizations.

The shift towards digital wallets will also allow companies to collect more valuable first-party data from customers who voluntarily share it. In the near future, the use of digital wallets may eliminate the need for customers to onboard their data to individual service providers, and businesses will have to work harder through loyalty programs and incentives to reward customers for sharing their data. The adoption of digital wallets will require people to have trust in the technology's ability to keep their personal information safe.

To convince customers that digital wallets are trustworthy and secure, four life-centric requirements need to be addressed. These include making tokens easy to obtain and use, helping people understand what a digital wallet is beyond just a payment mechanism, ensuring the wallet is easy to manage, and helping people understand the layers of access they can grant to businesses through their wallet. It's important to note that this transition towards digital wallets will require time and effort, but it holds the promise of giving people control over their data privacy.

.