The European Commission plans a common digital wallet

It will be used to store payment details for public administration services and documents, using a recognized identity system

The Berlaymont building in Brussels, headquarters of the European Commission (photo: Luca Zorloni for Wired) Access securely to a range of public and private services with a single online identifier, thanks to a European electronic wallet that citizens of the 27 member countries will be able to use through an app. It is the goal of an upcoming project that the European Union is ready to announce, according to the Financial Times. The digital wallet, developed from member states' requests, stores payment details and passwords, allowing users to log into administrative websites and pay bills, for example, using a single recognized identity.

Tra the expected authentication factors would also be biometrics: the app would be accessible with a fingerprint or with a retina scan. It would also function as a safe to store official documents, such as a driver's license and others. European Union officials will impose a structural separation to prevent companies capable of accessing user data from using the wallet for any business. In this period, Brussels is engaged in talks with member states to define guidelines on technical standards in the distribution of the European electronic wallet, which may be operational in a year, as anticipated by the Financial Times.

At the level of digital systems for European citizens, the gateway to enable Covid 19 digital green pass has been created in these days, in order to travel between the various countries, a verification app provided by the European Commission able to read the qr code of the certification issued by the authorities, connecting to Io e Immuni per l'Italia. But it is not the only initiative in the field, among those similar to the digital wallet described above. In July 2020 a group of 16 banking institutions from five countries (Belgium, Germany, France, the Netherlands and Spain), had launched the European Payments Initiative, based in Brussels which today has a total of 31 European banks and two third-party acquirers. set off.

The declared objective of the interim company, launched with the approval of the European Central Bank and with the aim of entering the operational phase in 2022, is to create a new standard in payments in the Sepa area by providing a card and a digital wallet to enable transactions in stores, online, money exchanges between users and cash withdrawal.


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Topics

Brussels Europe Finance Fintech Digital payments globalData.fldTopic = "Brussels, Europe, Finance, Fintech, Digital Payments "

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