Scaled-up digital ID wallets could improve digital experiences, or risk service disruption

Identity authentication and digital payment services associated with the popular Kakao Talk messenger app in the Republic of South Korea suffered major disruptions on the evening of October 15-16 when the app witnessed an unprecedented shutdown.

Business enterprises and government agencies offer about 20 different services connected to the super app, and the shutdown meant they suffered huge losses, Business Korea reports.

Some Korean media reports that the shutdown was caused by a fire incident at one of the company’s data centers on Sunday.

About 95 percent of services were restored as of Monday morning, the Korea Times writes, with mobile payments and digital wallet services fully restored.

The Kakao Talk app is one of two digital ID authentication methods used by Upbit, the country’s largest cryptocurrency trading platform, Business Korea notes. Due to the disruption, many users were unable to access the crypto trading platform during this period.

An IT industry official was quoted as denouncing the monopoly of the Kakao Talk app, which is very popular with many Koreans and is used for a variety of different purposes.

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The app is said to have morphed from a messaging-only app when it was created in 2010 to one with a wide variety of uses and about 134 partner services as of June this year, with authentication for many of them managed through the KakaoTalk digital wallet becomes .

Meanwhile, South Korean President Yoon Suk-yeol over the weekend called for urgent action by relevant authorities to restore all services affected by the Kakao Talk app shutdown.

Adoption of a similar model, with connected ecosystems supporting the adoption of a single digital wallet for myriad applications, is now being promoted elsewhere.

G+D advocates the introduction of “super wallets”

German security technology company Giesecke+Devrient (G+D) argues that the adoption of “super wallets” by financial services firms is crucial if they want to keep up with the latest innovation trends and improve user experience.

According to G+D, the use of digital wallets is increasing at a global rate of around 53 percent. The upgrading of digital wallets to super apps can help create a connected ecosystem of digital services tailored to the diverse needs and requirements of customers.

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The company claims that super wallets will not only help meet the needs of target groups of people as they allow banks to offer a wide range of services to their customers, but also allow banks to build a customer-centric ecosystem and a unique and personalized customer experience.

“Digital wallets are not just a trend that banks are jumping on, but a necessity in a partially already oversaturated market,” says Dr. Carsten Wengel, Head of Global Sales and Distribution in the card and digital payment business at G +D.

Samsung introduces digital wallets to new markets

Users in 13 new destinations namely Bahrain, Denmark, Finland, Kazakhstan, Kuwait, Norway, Oman, Qatar, South Africa, Sweden, Switzerland, Vietnam and United Arab Emirates will soon have access to Samsung digital wallet, has that company announced.

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The wallet allows users to easily and securely access their stored digital IDs, such as bank cards, digital keys, passports, driver’s licenses and student ID cards, with just one click, according to the announcement.

Data on the wallet is kept secure with digital ID authentication through fingerprint biometrics.

“Samsung Wallet takes everyday convenience to the next level and we’ve worked closely with our trusted partners and developers to enrich our wallet experience,” said Jeanie Han, EVP and Head of Digital Life Team at Mobile eXperience Business, Samsung Electronics. “We are focused on bringing the platform to as many markets as possible as quickly as possible, so that more Samsung Galaxy users can enjoy the benefits of the digital wallet.”

The wallet is already available in markets like China, France, Germany, Italy, Korea, Spain, UK and the United States.

Article Topics

biometric authentication | Biometrics | digital ID | digital wallet | Financial Services | Giesecke & Devrient (G+D) | government services | mobile app | Samsung



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