Digital Identity for the payments industry – findings from workshop released
9 Aug 2024
A recent workshop hosted by Payments NZ explored how digital identity can enhance the security, inclusivity, and efficiency of payment systems in Aotearoa New Zealand.
Held on 9 May in partnership with Digital Identity New Zealand (DINZ), the workshop marked the first stage of a Payments Direction exploratory sprint into digital identity for payments.
Digital identity enables individuals and organisations to securely use their personal information, such as date of birth, income, or other attributes, to access services—forming the foundation for many online transactions and much of our modern digital experience.
A full workshop report including discussion topics and proposed actions can be downloaded here.
Industry experts, thought leaders and stakeholders discussed topics including reusable identity credentials, privacy and control, and digital identity credentials within the payments experience – as well as fraud prevention, innovation, strong customer authentication and integrating digital identity into Know Your Customer processes.
Te ao Māori and inclusivity considerations were also integrated across all seven workshop topics, with attendees encouraged to draw upon Māori Data Governance and Universal Design principles and to consider self-determination, agency and inclusion when proposing ideas and solutions.
Attendees proposed several potential next steps for digital identity in Aotearoa:
- Collaborating with experts to incorporate te ao Māori and cultural considerations into digital identity approaches, and ensuring that solutions are accessible and inclusive for everyone.
- Assessing the viability and use case for a digital identity pilot project for Aotearoa New Zealand.
- Further research into Know Your Business non-personal identity verification, which could inform a possible pilot project with collaboration from industry stakeholders, regulatory bodies and technology providers.
- Developing educational resources for consumers and businesses and encouraging adoption by integrating digital identity solutions into trusted applications.
- Establishing clear standards and terminology, including a comprehensive glossary accessible to the public.
Payments NZ is now seeking industry feedback to further validate these suggestions, beginning with the upcoming Digital Trust Hui Taumata in Wellington on 13 August.
Read more about our Payments Direction work here.