Wednesday, Jun 23, 2021
International Finance
Banking and Finance Featured

EU to go public with its plan for bloc-wide digital wallet

EU digital wallet_IFM_Image
EU citizens to safely and securely access data from a whole variety of public and private services with a single online ID

With the rise of digital payments all over the world, the competition in the market is getting more fierce. While making payments online, one of the biggest concerns of any customer is to make the payment securely. Keeping this in mind, the European Union has come up with plans of developing its own bloc-wide digital wallet, according to media reports.

This announcement came earlier last week when member states requested a safe way for citizens to access public and private services online. The app is said to allow EU citizens to safely and securely access data from a whole variety of public and private services with a single online ID.

Additionally, the digital wallet will also let its users securely store payment details and passwords. Additionally, it also lets citizens from all 27 countries to log onto local government websites to pay their utility bills using a single recognised identity. The media report also mentioned that the citizens have direct knowledge of the plans.

The users of the app can access it using fingerprints or retina scanning, but other secure methods of logging in are also available. The digital wallet will also serve as a vault where users can store official documents.

To keep the app more secure, the EU officials will also prevent companies that use user data from using or accessing the wallet, for any commercial activity, including the marketing their products. Brussels is in talks with member states to provide guidelines and technical standards for a public rollout of this app. After a set of guidelines and technical standards are set in place, the rollout will begin.

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