7 reasons why fintech and telco companies should adopt the European Union digital wallet

The EU Digital Identity Wallet (EUDI Wallet) stands out as an organizing initiative that promises to help guide and structure the way European citizens engage with digital services. The journey of the EUDI Wallet began with the 2014 eIDAS regulation, which aimed to enable cross-border digital identity usage within the EU. Over time, this modest goal has evolved into a bigger concept for a unified digital ecosystem, aligning with the EU’s core principles of a single market and the free movement of people, goods, and services in the digital space.

The recent passage of eIDAS 2.0 marks a significant expansion of the EUDI Wallet’s capabilities. No longer restricted to identity verification, the wallet now includes a wide choice of credentials and proofs, from school diplomas to medical prescriptions.

At the heart of the EUDI Wallet’s design is the concept of interoperability. To ensure seamless operation across the diverse technological landscape of EU member states, the wallet must achieve technical, semantic, and legal interoperability. This involves standardizing data formats, establishing common data understandings, and aligning with various legal frameworks, ensuring that digital identities and credentials are universally accessible and verifiable.

Interoperability, on the other hand, is an excellent guideline to adopt for the private sector, especially for fintech companies and telcos that need to verify and eID their customers regularly and provide a convenient customer experience while doing so. Long gone are the days where people needed to book face to face meetings for transactions. We have gathered the most useful areas into a concise document, read it below: