Fintech & Ecommerce

OpenWallet Foundation Announces 37 Backers for Digital Wallet Project

The Linux Foundation Europe’s initiative to create an open-source engine was implemented with the support of 37 private, non-profit, academic, and government organizations.

 

OpenWallet Foundation Announces 37 Backers for Digital Wallet Project

Source: Pixabay.com

The engine will support the development of compatible digital wallets in various use cases, including digital identification, authentication by credentials, and payments.

The Open Wallet Foundation (OWF) will not publish the wallet itself and will also not offer credentials or create new standards. The open-source software engine should become the core that other organizations and companies use to develop their own digital wallets.

The improvement of wallets will be aimed at equality of functions with the best available analogs and compatibility with large cross-border projects, such as, for example, the EU digital identification wallet.

Wallets created using the open-source engine will be used on any device or operating system in several applications and services. Their compatibility with any currency will also be ensured. This solution will avoid many problems, including vendor blocking, lack of interaction, low security, and limited capabilities.

OWF founder Daniel Goldscheider says that Wallets are the most important infrastructure for payments, identity identification, and secure access.

At the time of launch, OWF members were Accenture, Gen, Futurewei, Visa, American Express, Deutsche Telekom/T-Systems, Esatus, Fynbos, Hopae, IAMX, IDnow, indykite, Intesi Group, Ping Identity, SmartMedia Technologies, Spruce, and Swisscom. 20 leading non-profit, academic, and government organizations have also joined the foundation.

Last September, the Linux Foundation announced the launch of a joint OWF initiative to develop software for open-source digital wallets.

As we have reported earlier, Viber Messenger launches in-app digital wallet.

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.