EU plans new digital wallet for payments across all 27 nations

by DailyBriefers
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The European Union (EU) is planning the development of a new digital wallet available for use across the 27-strong bloc.

EU flag

The wallet will have an initial roll out in 2022

According to sources at both the Financial Times and Bloomberg, the new digital wallet will securely store important documents, payment details, and passwords

It allows users to log into government sites, pay bills, and register for services using a single ID. Access is provided through fingerprint or retinal scan.

The European Commission (EC) is spearheading the initiative.

The commissioner in charge of digital policy, Thierry Breton, has previously said a new digital ID would give Europeans “the keys to their digital twin”.

EU officials plan to keep data access to the wallet strictly governed, to prevent commercial firms gaining access to user data. Signing up to the wallet is not obligatory.

The EC is in talks with EU member states to draft initial technical standards for the new wallet, which is expected to launch by summer 2022.

An FT source said the wallet would be “simple, secure and it will protect people online”. They added that users can decide just how much information they want to give out.

While several EU member states already use a form of digital ID, the new wallet will interact and integrate with each.

Related: French watchdog says banks risk “marginalisation” by Big Tech payment apps

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