The global mobile digital identity market could be worth $7bn by 2024. So it’s seemingly no mystery to why eftpos might want to get in on the action.
The FinTech company has revealed that it is looking to enter the market in Australia with a new offering that it says could provide a “smoother, faster and more secure onboarding experience”.
It made the bid to enter the market in a letter to the Select Committee on Financial Technology and Regulatory Technology, which was set up to help FinTech and RegTech companies thrive more easily in Australia.
eftpos said it was working with the industry to create a solution that would provide new “secure and privacy-protecting ways to distribute government funds such as social security, disaster relief, health services or small business assistance”, and give “FinTechs with low cost access range of new marketplaces and channels that currently have high barriers to entry.”
It also claimed it could reduce the damage made by fraud, protect Australians’ identities against identity fraud, help businesses meet regulatory obligations and keep the personal data of Australians onshore.
“A digital identity solution would also enable FinTech to innovate with [the government] to provide better ways to distribute Government funding, such as refunds or relief packages, in real time to citizens and small businesses during times of crisis,” said eftpos.
The three-decade old company added that with “appropriate government support”, its solution could be “activated in a short timeframe and bring significant benefits to the FinTech community”.
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