Signicat and TrustTech partner to bring reusable identity to European digital wallets

This partnership between Signicat and TrustTech aims to simplify how customers verify their identity when applying for credit or making large purchases across Europe. For retailers and service providers, this means the 'Apply for Financing' process could soon become much faster. Instead of customers hunting for their ID and filling out forms every time they apply for a loan or a Buy Now, Pay Later (BNPL) plan, they could use a 'reusable' digital identity stored in a secure wallet. For your business, this reduces friction at the point of sale. High abandonment rates often happen at the financing stage because customers find the identity verification process tedious or intrusive. Reusable digital identities allow a customer to be verified once and then 'unlock' financing offers across different merchants instantly. This tech is designed to meet strict European regulations, meaning it handles the heavy lifting of compliance for you. As digital wallets become the standard for payments, having this verification built-in will likely lead to higher conversion rates for big-ticket items that require lending checks.

Source: Finextra — Lending

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