The article also discusses the potential of digital wallets as a source of identity verification, with research showing that 79% of U.S. consumers needed to verify their identity last year, primarily for banking transactions. It is anticipated that 41% will use their wallets for this purpose in the coming years, presenting an opportunity for wallet platforms to integrate ID verification with services like government and alcohol purchases.
Key takeaways:
- ID.me has been valued at $1.8 billion following a tender offer, up from $1.73 billion two years ago.
- The transaction was led by new investor Ribbit Capital, with existing investors Viking Global Investors and CapitalG participating.
- Identity verification services have grown in importance due to the rising threat of identity theft, with cybercriminals able to steal identities with just a few pieces of personal information.
- Research by PYMNTS Intelligence has shown that 79% of U.S. consumers needed to verify their identity last year, primarily for banking transactions, and 41% anticipate using their wallets for this purpose in the next few years.