$0

No products in the cart.

EU set to unveil plans for bloc-wide digital wallet

Bookmark (0)
To login to your account click here.
HomeLatest Platform NewsApplication PlatformsEU set to unveil plans for bloc-wide digital wallet

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.

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.

Related article:
Jack Ma: Ant Group IPO pricing "history's largest"

The team at Platform Executive hope you have enjoyed the ‘[post_title]’ article. Automatic translation from English to a growing list of languages via Google AI Cloud Translation. Initial reporting via our official content partners at Thomson Reuters.

You can stay on top of all the latest developments across the platform economy, find solutions to your key challenges and gain access to our problem-solving toolkit and proprietary databases by becoming a member of our growing community. Platform Executive has two membership tiers, Community (FREE) and Premium ($195 per year), which offer different levels of access to our products and services. What are you waiting for?