Fintech & Ecommerce

EU Tests Digital Identity Wallet

The European Union is gradually approaching the launch of its digital identification wallet.

EU Tests Digital Identity Wallets

A message has been published on the website of the European Commission, which notes that the mentioned virtual wallet will become a secure and easy way to access online services for European citizens, residents, and businesses. It is worth clarifying that in this case, simplification of access implies facilitation of the identification procedure. The mentioned message also underlined that users will be able to securely obtain, store, and share important digital documents about themselves and electronically sign or seal documentation.

Moreover, the European Commission said that virtual wallets will make it easier to safely provide documents for opening a bank account, enrolling in school abroad, or applying for jobs.

The online wallet launch program came in the wake following European legislation on digital identification, which came into force in May of the current year. This legislation is intended to ensure the virtual transformation of the public sector. The goal is also to provide virtual access to more services.

Currently, the European Commission is conducting pilot programs within the framework of the digital wallet project, paying attention to different use cases of this virtual product. In this case, among other things, payment operations are considered. In the relevant context, it is worth noting that digital wallets are designed to offer users a single way to identify themselves on all bank accounts and authorize transactions.

It’s worth noting that the intertwined future of biometrics and digital identification is already transforming payments. The security features integrated into virtual wallets have become the components shaping the future of commerce and authentication.

As we have reported earlier, Worldpay Says About Growth of Demand for Digital Wallets in China and India.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.