[BREAKING NEWS — Only a few weeks left until the release of eIDAS 2.0 regulation]

The eIDAS 2.0 Regulation is about to come into force. Once it does, it will make digital wallets (Digital ID Wallets or EUDI Wallets) mandatory for identification for all stakeholders within the European Union — including companies, the public sector, and citizens! Since this is a HUGE paradigmatic shift for European society, there will be a long transitionary period (up until 2027). However, once the Regulation is there - it's just a matter of implementation.

So what's new with eIDAS Regulation version 2.0?

With eIDAS 2.0, digital identification of citizens through existing credentials will no longer be the only choice. Public services within each member state will need to MANDATORILY provide an option for authentication via at least one Member State-approved European digital wallet (EUDI Wallet).

However, the private sector will NEED to integrate with the EUDI Wallet infrastructure as well.

For example, after the regulation takes effect when using a digital banking app, you will NEED TO HAVE the option to authenticate with EUDI Wallet. So, for logging into your mobile banking or authorizing transactions, in addition to your bank's mToken, the bank will NEED TO provide you with the alternative option to using your Government-approved EUDI Wallet app for authentication (instead of the bank's mToken).

However, the paradigmatic changes do not stop with banks. All private service providers required to identify a user online through strong authentication will also need to enable the use of EUDI Wallet for authentication. This includes sectors such as transport, energy, telecommunications, finance, education, and social and health protection and security.

And even the large non-EU gatekeepers will be seriously affected. Alphabet/Google, Amazon, Apple, ByteDance/TikTok, Meta/Facebook, and Microsoft/LinkedIn will NEED TO provide you with the option to use your EUDI Wallet app for authentication (i.e. login).

While EUDI Wallets are not mandatory (of course!) for EU citizens, the European Union anticipates that even 80% of the total population residing in its area will use a Digital Wallet by 2030.

Are you as a company or public institution ready for this paradigmatic change?

Using these technologies will help reduce the risk of fraud and identity theft and facilitate individuals and companies in accessing online services and securely conducting transactions. The use of qualified electronic signatures and video identification for KYC is becoming a reality. It plays a key role in supporting the goals of the eIDAS 2.0 Regulation and promoting a more seamless and secure digital environment within the European Union.

After the Regulation comes into force, Member States have a deadline of 2 years to prepare and implement (at least one) European Digital Wallet.

Identyum has been developing the ID Wallet for several years now, and you can learn more at https://identyum.com/id-wallet/

For more information, contact us at [email protected]!