News

EU planning on using a digital wallet

Wednesday 2 June 2021 13:25 CET | News

The European Union (EU) is set to unveil plans for a bloc-wide digital wallet, following requests from member states to find a safe way for citizens to access public and private services online.

The app will allow citizens across the EU to securely access a range of private and public services with a single online ID, according to the report. The digital wallet will securely store payment details and passwords and allow citizens from all 27 countries to log onto local government websites or pay utility bills using a single recognised identity.

The EU-wide app can be accessed via fingerprint or retina scanning among other methods and will also serve as a vault where users can store official documents like the driver's licence. EU officials will enforce a structural separation to prevent companies that access user data from using the wallet for any other commercial activity such as marketing new products.

Brussels is engaged in talks with member states to provide guidelines on technical standards for rollout of the digital wallet, which is expected to be fully operational in 2022.

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Keywords: e-wallet, digitalisation, identity verification, digital identity, regulation
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Countries: Europe
This article is part of category

Securing Transactions