Digital identity solutions are on the rise as consumers seek security and accessibility in a digitized world. A new report from 360iResearch shows that the global digital identity market is expected to have reached about $37 Million by the end of 2025. As COVID-19 continues to wreak havoc, this number could grow even larger.
Unsurprisingly, the trillion-dollar banking industry has already expressed interest in digital identity solutions. For example, Everest, a blockchain-based digital payments provider, has recently formed a partnership with BRI Remittance, a subsidiary of one of Indonesia’s largest banks. Everest has been collaborating with BRI to offer bank users a blockchain-based digital commerce platform that will allow Indonesians and Europeans to easily exchange value across international borders.
Bob Reid, the CEO and co-founder of Everest, told Cointelegraph that BRI Remittance’s digital commerce platform is already being implemented and will officially launch in the second quarter of this year. Reid noted that the goal of the project is to ensure that remittance transfers between Europe and Indonesia are settled within 24-hours — the time it usually takes for domestic wire transfers to be completed. Sending money across international borders could take up to five days in some cases.
“The partnership is expected to drive business within the Indonesia–Europe corridor and afford Indonesians and Europeans the opportunity to seamlessly execute exchange of value across international borders.”
This is important, as Indonesia’s $11 billion global personal remittance market has more than doubled since 2005, with remittances between Indonesia and Europe representing more than $500 million. Moreover, with a population of 275 million people and a trillion-dollar economy, Indonesia arguably still lacks the digital infrastructure needed to provide value exchange between identity-verified individuals.