How Digital Wallets Provide a Better Experience

In 2011, Google became the first major company to launch a mobile wallet. Since then, digital wallets have become a preferred primary payment method, with 81% of consumers who use Google Wallet surveying that they are highly satisfied. Streamlined payment processes for consumers is just one function and benefit to digital wallets. Opening access for employee badge and student ID, Apple transformed the way we think about leveraging mobile wallets and mobile access in general. By leveraging mobile credentials through digital wallets, authentication and access control systems have been revolutionized, allowing organizations to enable more secure operations.

By 2026, over 60% of the global population will use digital credentials so let’s delve into the details and explore how digital wallets are seamless for everyone in your organization.

Enhancing Security Systems

Over 353 million individuals were affected in the U.S. in 2023 by data compromises, including data breaches, leakage, and exposure. This rising trend underscores the need for enterprises to evolve their security systems in response to increasingly sophisticated hackers. In fact, many enterprises are making it a top priority to secure their users and various end points. 98% of organizations already use mobile access control solutions/mobile credentials for logical access control purposes¹. So, what makes digital credentials a more secure option for organizations?

Unlike physical badges that can be lost or stolen, digital credentials offer robust security because they are stored on the individual’s phone, an item they are most likely to always have on hand. This reduces the risk of unauthorized access. Digital wallets utilize Near Field Communication (NFC) technology to facilitate secure, wireless connections between smartphones and credential readers. This technology enables fast, touch-free authentication, enhancing both security and convenience.

Furthermore, traditional security systems that do not incorporate mobile-first solutions are vulnerable to phishing, ransomware, and other breaches. The advanced encryption used in mobile credentials, combined with biometric authentication methods like fingerprint or face-ID scans, provides an additional layer of security.

User-Friendly Experience & Boosted Productivity

People are already familiar with using mobile wallets like Apple Wallet and Google Wallet, as they are highly intuitive. A study by PYMNTS found that 20% of consumers have stored digital identification and access credentials in their digital wallets, with Gen Z and Millennials leading the adoption. As younger generations increasingly constitute a larger share of the workforce, incorporating technology they are familiar with is crucial for creating a better user experience.

Implementing digital wallet technology in the workplace is intuitive and convenient for employees. For example, in the RiverSouth Austin building, the introduction of company badges across all major digital wallets for seamless NFC access showcases the potential of digital wallets and mobile credentials. rf IDEAS is amongst a broad ecosystem of partners that ensured a 100% mobile use case support throughout RiverSouth. The parking garage is equipped with credential readers from rf IDEAS and SwiftConnect’s AccessCloud platform integrates with the building’s readers, access control systems, and identity technologies, like Wavelynx’s credentials, to bring on-demand and self-service mobile access experiences to employees and tenants of the building.

Mobile authentication also eliminates the hassle of managing multiple passwords, enabling quick and secure access for users. In the healthcare sector, for instance, workers enter approximately 70 passwords a shift, which is time-consuming and detracts from patient care. By adopting passwordless methods and mobile authentication, organizations can significantly boost employee productivity by streamlining workflows. Considering that each employee typically manages an average of 27 passwords, it's no surprise that weak or stolen passwords are responsible for over 80% of hacking-related breaches. Employees in mobile-first environments can seamlessly navigate from their personal lives to their professional environments using their mobile phones to access buildings, initiate print jobs, use vending machines, workstations, and more.

Easy Implementation

Migrating from physical to mobile credentials is straightforward because most people are already carrying their mobile phones everywhere they go. This makes digital wallet access control an ideal choice for credential managers because they are able to leverage a secure credential that is less likely to be forgotten or hacked. Implementation is also simpler for IT professionals, as they no longer need to deploy, manage or revoke physical credentials for an entire workforce. There is no need for a complete overhaul of existing systems either. rf IDEAS works closely with our customers to integrate mobile solutions that complement current security systems. Our interoperability and partnerships with credential provisioning providers, such as SoloInsight and Alert Enterprise, allow us to offer customizable mobile solutions tailored to meet the unique needs of each organization.

Versatility & Compatibility

Digital wallets support a variety of use cases, allowing a single credential to provide tap-and-go access in multiple scenarios. This versatility extends to a growing list of identity-based items, including corporate ID badges and student IDs, all accessible through digital wallets. Various industries, such as healthcare, manufacturing, financial services, commercial enterprises, and higher education, can benefit from mobile credentials for logical access control, including secure printing, single sign-on (SSO), and remote network access.

As digital wallets continue to evolve, they offer a promising solution for stronger security, enhanced user experiences, and simplified distribution and management of credentials. For organizations looking to embrace this technology, exploring mobile access compatible products offered through rf IDEAS can be a pivotal step toward modernizing their security and operational infrastructure.

Visit our Mobile Access page to discover how rf IDEAS can be part of your mobile solution.

1. Data from a survey of 100 U.S. identity and access management decision-makers and end users conducted by rf IDEAS in July 2024