The role of Digital Identity in virtual wallets

VU was a sponsor and participated in the "Billeteras al Ataque" (Wallets to Attack) event, a virtual meeting thought by and for the fintech market. The event featured leading specialists from the sector, and the focus was on the reality of digital wallets in the world.

Some of the topics covered were virtual wallet business models, interoperability, digital social inclusion, cross-border payments, and the impact of wallets on the retail world. Likewise, the exhibitors were able to give their opinion on the current panorama of the portfolios, both in Latin America and in the world.  

From success stories to issues of financial inclusion in the region, the topics discussed by the 16 exhibitors served to deepen the benefits and challenges of this technology.

VU Panel

One of the most expected panels by attendees was the one moderated by Néstor Serravalle , CSO de VU: "The role of digital identity in virtual wallets". For just over 30 minutes, Néstor spoke with Maryory Ávila Rubio, general manager of Movii , and Eduardo Aranda, General Manager of Synthesis , who gave his opinion on the financial evolution of the region.

Movii works to provide the unbanked sector of the Colombian population with access to financial services through the use of new technologies. Thanks to the mobile solution it offers, millions of citizens can connect with a wide network of agents and businesses that develop products such as P2P, bill payment, correspondent banking, public transport and prepaid service recharge. 

SINTESIS is an IT company with more than 25 years of experience in emerging markets. The group is made up of technology companies that provide platforms for corporate collection, transactional biometrics, electronic commerce, clearing and settlement (ACH) and digital financial services (FINTECH), among others. 

The exhibitors discussed two main topics: 

How digital identity helps companies

Toda nuestra vinculación es digital, por eso para nosotros son fundamentales las herramientas de autenticación” aseguró Maryory, de Movii, la primera billetera digital de Colombia que ya cuenta con 1 millón y medio de usuarios en el país. “La suma de tener una vinculación biométrica adecuada, un segundo factor de autenticación y un buen monitoreo transaccional de fraude sin dudas hacen posible estos negocios. Si esta tecnología no hubiera llegado, las billeteras tampoco habrían llegado”, concluyó. 

On the other hand, Eduardo, from Síntesis, commented: " The pandemic made our clients rethink their model of attracting users, forced to take many of their transactions from the physical world to the remote world ". And he added: " Industries, services and financial telecommunications entities, needed digital identity to be able to validate users remotely, and technologies such as biometrics to authenticate people and avoid fraud ".

The impact of fraud on the business

In this sense, Maryory highlighted the evolution of fraud in digital models: “With the birth of wallets, new forms of fraud are born. One of the great challenges, in which VU accompanies us, is that these solutions cannot be static: they must continue to advance. ”

While Eduardo highlighted: “All platforms must become more and more secure. We are exposed to phishing and fraud trends, which is why we carry out different types of tests to improve our cybersecurity strategy. ”

Challenges of Digital Identity for the financial world

The digital future requires that we understand that validation, authentication and digital identity issues should be a basis for cooperation , not competition. Technology must simplify people's lives, which is why having a transversal identity will have a positive impact on a day-to-day basis.

Therefore, in an effort to improve the user and customer experience, it is necessary to incorporate digital tools that guarantee a simple, secure and frictionless financial world.

Initiatives such as decentralized identity , which is being implemented Microsoft together with VU and some partners around the world, are going in this direction and helping to create a new paradigm in terms of privacy, security and digital identity .

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