Imagine carrying just about everything you need beneath the surface of your hand – your wallet, keys and ID, all in a microchip. That’s reality in Sweden, as some early-adopters implant the tiny devices beneath their skin.» Subscribe to NBC News: http://nbcnews.to/SubscribeToNBC
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ID, Wallet, Keys All In Your Hand: Sweden Moves Into The Future With Microchipping | NBC Nightly News

Europe’s digital ID wallet — Easy for users or a data privacy nightmare?

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On March 15, the European Parliament voted 418 to 103 (with 24 abstentions) in favor of negotiating a mandate for talks with the European Union member states about revising the new European Digital Identity (eID) framework and creating the “European Digital Identity Wallet,” also known as EUDI Wallet or EU wallet.  Citizen’s IDs, health cards, certificates and many other documents could soon be digitally stored in a smartphone application for EU citizens. According to an official statement from the European Parliament, the system would allow citizens to identify and authenticate themselves online without relying on big commercial providers like Apple, Google, Amazon or Facebook. The new eID framework will purportedly give EU citizens digital access to key public services across the EU. Citizens will remain in “full control of their data” and be able to “decide for themselves what information to share and with whom.” European lawmakers have set an ambitious goal for this new wallet, aiming to bring it to 80% of the population by 2030. This could be achieved by mandating that the wallet be supported by e-government services and companies that have a legal requirement to identify their customers through Know Your Customer checks. It could require major online platforms like Google or Facebook to offer the EU wallet to log in to their services, with soft law and delegated acts that could require small and medium-sized enterprises to support the wallet. Negotiations with the European Council on implementation would be the next step, but digital transformation and data protection experts have doubts and differing opinions about implementing the wallet. Usability is the key to adoption The EU wallet — like the current electronic ID cards in Germany and other European countries — will hardly be adopted by citizens in their daily lives if it doesn’t offer a good use case. The challenge is to make it easier and more efficient for citizens to interact with public services and administrations, enabling authentication and verification processes, especially in the private sector. According to Clemens Schleupner, policy officer of digital identity and trust services at Germany’s digital association Bitkom, the possibility of storing electronic IDs on a smartphone to use online as well as digitizing drivers’ licenses, health cards, passports, tickets, school reports, credit cards, membership certificates, etc., and combining them into one wallet could have mass market potential. Applying for a bank loan with eID. Source: European Commission The EUDI Wallet could make that happen; however, this will only succeed “if adoption among citizens in Europe is ensured through security and usability, relevance through a high number of possible uses and interoperability of different applications throughout Europe,” Schleupner told Cointelegraph. Lack of usability and public awareness are also significant concerns for Christof Stein, spokesperson for Germany’s Federal Commissioner for Data Protection and Freedom of Information (BfDI). Stein told Cointelegraph that using proven technologies and trusted infrastructures with enforced IT security and data protection standards are crucial for citizens using the EU wallet. Privacy is king As the final rules are not yet known, it is too early to evaluate the EU wallet at this early stage of implementation. For citizens, it is important that the legal framework provides a data-saving solution that only lets organizations ask for user data when they need it. According to Stein, it is critical that users are protected from tracking by wallet providers, and wallet providers must ensure that wallet data processing is in line with legal requirements. “What is necessary is a central anchor of trust enabling the enfor…

The EU unveiled plans for rolling out an EU-wide digital wallet which citizens can use to access a range of services with a single online ID. Using this digital wallet, citizens will be able to log onto local government websites, pay utility bills, and even have their store payments details securely stored.

What are your thoughts on an EU-wide digital wallet?

In today’s episode we cover:
�� Authentication methods of the digital wallet app
��Use cases of the EU digital wallet
����EU’s road to an independent payment network

#Eunews #Digitalwallet #Payments
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Transcription
2020 was, without a doubt, the year of digitalization. It’s the year where every entity, small or large, had to go digital or rethink their digital strategies.

The European Commission is no exception, as they just unveiled plans for a bloc-wide digital wallet, following the demand from member states for a secure way to access public and private services online.

According to the Financial Times, this digital wallet will allow citizens across the 27 European countries to safely access a range of services with a single online ID. Using the digital wallet, citizens will be able to log onto local government websites, pay utility bills, and even have their store payments details securely stored.

Up until now, individual EU member states have issued their own digital IDs, but not all are compatible and take-up is relatively low at just 19 countries, but with the pandemic forcing a lot of folks online, the EU will promote an EU wide compatible digital identity.

Unfortunately, at the time of the recording there isn’t much the EU revealed in regards to the user authentication methods. What we do know is that fingerprint and iris recognition are two of the possible methods.
Responses towards the European digital wallet
The responses towards the european digital wallet are mixed. While some people had endless concerns about data security and personal information, many others expressed excitement about the potential it holds for the future of Europe .
Benefits of the European digital wallet

From our perspective, the largest benefit of a European digital wallet is that it will enforce a structural separation. One which prevents companies that access user data from using the wallet for commercial activities.

Another advantage of this app is that it can be used as a vault where users can store official documents like the driver’s licence, further minimizing the need for physical cards and wallets.

Additionally, the european digital wallet can further help combat money laundering and identity fraud. Not to mention the economic benefits it can create by authenticating high value cross-border payments within europe.

What is particularly impressive is that we are witnessing a movement where the EU is building a payments network that is independent from the giant American schemes such as Visa and Mastercard, and the high fees hunted by commercial banks. More specifically, the EPI attack on the dominating schemes and the Digital Euro, which we covered in earlier episodes!

Looking at the compatibility across the EU, the use cases of this digital wallet are promising. For instance, one could use their digital wallet to rent a car, pay for the rental fees and confirm their identity remotely via the app. An electronic key for the rented car could be issued immediately, completely taking away waiting in queues at the airport car rental desk.

Finally, the roll out of the digital wallet is expected to be fully operational in about a year, and it will not be mandatory. But we are certainly looking forward to seeing how it plays out and what all the use cases could be. What are your thoughts on the rollout of a European digital wallet? I’m curious to hear your thoughts!

EU Digital ID Wallet Turns Freedoms Into Privileges
“This is what governments and big corporations will do: they will ask for more information than they are currently allowed to. This hollows out our privacy and makes citizens powerless against the government and big corporations.”

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