A consortium of government agencies and fintech providers from six European countries propose to launch a large-scale pilot to explore European Digital Identity Wallet payments

Consortium wants to pilot European Digital Identity Wallet payments. Source: Depositphotos

Governmental and financial institutions from Denmark, Germany, Iceland, Italy, Latvia and Norway united in the Nordic-Baltic eID Project (Nobid) are proposing a large-scale payments pilot to explore how the European Digital Identity Wallet would support cross-border transactions.

The pilot will develop and test a solution based on existing eID and payments infrastructure across the six countries. It is supposed to “show how payments and ID can be combined effortlessly, across borders and in multiple currencies”. The Consortium claims the solution would fully satisfy the PSD2 requirements with strong customer authentication as well as transaction linking.?

The Nobid plans to test the Wallet capabilities across several payment features including QR codes support, push notifications and deep linking. Besides, the project’s implementation would enable payment issuance, instant payments, A2A transfers and payment acceptance both in-store and online.

If accepted, the proposal from the Nordic and Baltic countries would become one of four digital identity wallet pilots that the European Commission is planning to implement.

SEE MORE:

Open Banking Expo to host its flagship European event this fall in person in Amsterdam

Digital Identity Verification Spend to Exceed $20 Billion Globally by 2027: Juniper Research

Tech industry consortium to run CBDC pilot with digital sterling stablecoin