EU set to unveil plans for bloc-wide digital wallet

EU set to unveil plans for bloc-wide digital wallet - FT

Stock Markets Jun 01, 2021 01:00AM ET

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EU set to unveil plans for bloc-wide digital wallet - FT

(Reuters) - The European Union (EU) is set to unveil plans for a bloc-wide digital wallet on Wednesday, following requests from member states to find a safe way for citizens to access public and private services online, the Financial Times reported https://on.ft.com/3yPIowv.

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 FT report on Tuesday.

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 newspaper said, citing people with direct knowledge of the plans.

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, the newspaper reported.

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 about a year, according to the newspaper.

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Comments (1)

Florin Suciu Jun 02, 2021 4:45AM ET

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The EU try to fulfill the Monnett Project they started in 2008! It took 13 years for the EU banking "specialists" to come back. In meantime a couple of countries developed their own eID platforms and now to integrate them...will be a challenge!!! A platform like that is only effective if it will have Zero Marginal Costs! That's first facility is to have a money platform that will circumvent the VISA & MC! If don't the costs for all transactions will still be minimum in the 5-7% range. To think that by promoting the new EuroCrypto based on the volatile blockchain structure will be accepted by the "27" is a dream. We have the transactiin platform ready to be integrated in whole EU for 1 billion accounts managed in real time and with Zero Marginal Costs!!! In past 14 years the banks (under VISA & MC control) rejected our solution... Now the time for a new money management has come. Waiting for calls, because nobody takes ours...

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