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The European Union is developing a digital wallet for payments, passwords, and IDs

European Union

According to the Financial Times, the European Union (EU) is about to unveil a digital wallet that will allow citizens to store payment information and passwords within the bloc.

With one ID, users from all 27 countries can store documents such as driving licenses and access private and public services.

As of now, each EU member state has launched its own digital identity program, but none are compatible and the number of states accepting them is relatively low.

European Union

To ease access to public and private services during this pandemic, the EU is promoting the concept of block-wide identification that is more easily accessed through the Internet.

The final details are yet to be revealed, but a finger or retina scanning will reportedly be used to open the app. 

Citizens will not be forced to use the digital wallet, but it will provide greater digital security and flexibility. 

By prohibiting companies from using personal data obtained from IDs for marketing and other commercial purposes, the European Union will protect the privacy of its citizens.

A digital wallet can be used to rent a car remotely through applications that can verify your identity and issue an electronic key so you don’t need to stand in line to drive a car. 

FT sources state the process will protect people online, be easy to use, and safe to use. About a year from now, the EU plans to launch the new system.

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