Reportedly, the EU is due to soon reveal plans for a digital wallet that would serve all citizens of its member states, allowing them to access public and private services online through a single login.

What Is the EU's Digital Wallet?

According to the Financial Times, the EU will reveal plans for its digital wallet on June 2, 2021.

This wallet will give citizens from all 27 EU countries a single universal login. It would store payment details and allow citizens to store documents and access public and private services. For example, you could store your driver's license in the wallet, but also use it to pay rent or use government websites.

Currently, 19 countries in the EU have digital IDs, but many aren't cross-compatible. The new system will not be compulsory, but EU officials hope that uptake will be positive following the increased digital proficiency caused by the COVID-19 pandemic.

The app will apparently be accessed via secure methods like fingerprint or retina scanning, though exact details are still being worked on. EU officials will also mandate that companies cannot use user data for commercial activity.