On Thursday, July 22, 2021, the world welcomed the birth of YouID, a secure digital ID wallet that lets individuals safely store personal details in an encrypted format and use it to access online services securely without having to fill a KYC form.
YouID is a product of Youverify the technology company focused on identity and access management with biometric identity verification and other digital identity solutions. The innovation comes on the heels of the costly and recurring threats that individuals and organisations have to grapple with online.
The internet and communication technologies have revolutionized the way individuals communicate and transact with one another. This change is not peculiar to individuals alone as businesses – micro, small, medium, and large have embraced and adopted some level of technology or the other to enable them operate in simpler, more intuitive, and efficient ways.
These technological changes, incremental in nature, have over the course of time gained acceptance and become prevalent, connecting individuals and institutions across different time zones and continents, and at the same time creating a new digitally enabled culture and economy.
These advancements in technology and connectivity require users to have or create digital identities of some sort, vis-a-vis filling out online forms in order to gain access to services, mobile Apps, websites as well as certain software and tools. Their identities are captured via email addresses, usernames, passwords, phone numbers and in some case their location – a process which could be cumbersome, time-consuming, and sometimes frustrating, especially because it requires individuals to memorize usernames and passwords to be able to login to sites and access information or tools available there.
Again, there is also the burden and risk associated with moving around with important documents such as government-issued identifications like the international passport, national identity cards, driver’s licenses, and vehicle documents.
Beyond the burden of losing vital documents and getting locked out of accounts owing to the loss of usernames and passwords is the prevalent risk of compromised passwords, and unauthorized access to users’ accounts by cyber criminals and hackers. It is no longer news that millions of people have at some point in their lives had their accounts compromised, resulting in the loss of money or important information stored online. This situation has necessitated the use of multifactor authentication and other failsafe for protection of accounts.
The smart revolution now is that apart from providing a secure digital wallet for the storage of personal information, YouID instantly notifies users when any of their passwords have been breached or their credentials have been leaked by a third-party data breach. YouID continuously collates and reports data breaches and leakages globally thereby keeping users informed and their credentials secure at all times.
Designed with individuals as well as businesses in mind, YouID is equipped to help businesses gather their customers’ KYC information easily, track and verify physical addresses. With the click of a button, businesses can collect and review the data of their customers and prospects without subjecting them to the dreary task of filling out forms, thereby simplifying onboarding processes and giving them the assurance, they need to transact with individuals or other businesses. YouID also gives users access to a robust marketplace where they can secure the best deals from verified and trusted merchants and at the same time provides businesses the visibility and appeal they require to attract more patronage.
At the launch, Youverify’s CEO Dr Gbenga Odegbami stated that YouID was birthed from the understanding he and his team have of how important it is for personal information to be protected and YouID provides that extra layer of security, ease and comfort everyone needs to make life a little easier, and that as a lifestyle App, YouID is built for daily use by those who wish to live smart.
He reiterated the vision of Youverify to build an Africa where every African, and African business can build economic relationships and trust without worrying about fraud or compliance difficulties.
The YouID App is available for free on the Google and Apple Stores for users to download and begin their journey to a smarter and more secure lifestyle.