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EU set to unveil plans for bloc-wide digital wallet – FT

Stock Markets54 minutes ago (Jun 01, 2021 01:00AM ET)

(C) Reuters. FILE PHOTO: European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium May 5, 2021. REUTERS/Yves Herman

(Reuters) – 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 https://on.ft.com/3yPIowv.

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.

EU set to unveil plans for bloc-wide digital wallet – FT

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