Commerce
Imagine you're making an online purchase and need to enter your credit card information.
Last updated
Imagine you're making an online purchase and need to enter your credit card information.
Last updated
Issuer: The VISA
Issues the credit cards to buyers.
Verifier: The Commerce Website
Trusts the VISA as the issuer of the credit card without the need to contact the issuer again.
Holder: Buyer/Shopper
Receives the credit card and uses it as proof of your payment credentials when making a purchase.
Credential Document: Credit Card
Today, when shopper/buyer makes a purchase online, they are typically required to enter their personal information, including their name, address, and credit card number. This information is then stored by the merchant and used to process the payment. However, this system is vulnerable to data breaches and fraud.
The current system for verifying identity when making online purchases has the following problem:
It is vulnerable to data breaches. Merchants are increasingly being targeted by hackers who are looking to steal customer data.
It is susceptible to fraud. Fraudsters can use stolen credit card numbers or create fake identities to make purchases online.
It requires shoppers to give up their personal information. Shopper/buyer has to share their personal information with merchants in order to make a purchase. This information can then be used for marketing purposes or sold to third parties.
didPass offers a solution to all of these problems. didPass is the digital identity that is owned and controlled by the individual. They are based on cryptography, which makes them very secure. DIDs can be used to store and share any type of data, including personal information, credit card information, and other credentials.
To verify a buyer's identity using DIDs, the commerce would simply need to scan the buyer's DID QR code. This would give them access to the shopper's verified identity information, without the need to see their credit card number or other personal information.
Using didPass to verify identity when making online purchases has the following positive outcomes:
It would make it more difficult for hackers to steal customer data. Merchants would no longer need to store customer credit card numbers or other personal information.
It would make it more difficult for fraudsters to make purchases using stolen credit card numbers or fake identities. Merchants would be able to verify the shopper's identity before processing the payment.
It would give buyers more control over their personal data. Buyers would only need to share their DID QR code with merchants, without having to give up any other personal information.
didPass has the potential to revolutionize the e-commerce industry by making it easier, faster, and more secure to verify identity when making purchases. This would benefit both shoppers and merchants.
