August 11, 2022

EU set to unveil plans for bloc-wide digital wallet: Financial Times, Europe News & Top Stories

BRUSSELS (REUTERS) – The European Union is set to unveil plans for a bloc-wide digital wallet on Wednesday (June 2), following requests from member states to find a safe way for citizens to access public and private services online, the Financial Times reported.

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 in to 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 serve as a vault where users can store official documents like their 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 the roll-out of the digital wallet, which is expected to be fully operational in about a year, according to the newspaper.

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