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EU digital identity wallet to stir paytech market

November 13, 2023

The European Union has taken another step toward creating a digital wallet linked to a user’s identity, according to a press release last Wednesday.

The European Parliament and the Council of the EU reached a final agreement on a regulation that would allow the digital identity wallet to be used for payments, other financial services and storing digital documents.

“The wallets’ features and common specifications will make it attractive for all private service providers to accept them for their services, thus creating new business opportunities,” the European Commission release said. The wallet “will also facilitate service providers’ compliance with various regulatory requirements,” the release said.

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