The OWF should act as a collaborative effort to develop open-source software to support interoperability for a wide range of wallet use cases. The initiative already benefits from support including companies across technology, public sector, and industry vertical segments, and standardisation organisations.
The mission of the OWF is to develop a secure, multi-purpose open-source engine anyone can use to build interoperable wallets. The OWF aims to create a set of practices for digital wallet technology through collaboration on open-source code for use as a starting point for anyone who wants to build interoperable, secure, and privacy-protecting wallets.
The OWF does not intend to publish a wallet itself, nor offer credentials or create any new standards. The community will focus on building an open-source software engine that other organisations and companies can leverage to develop their own digital wallets. The wallets will support a wide variety of use cases from identity to payments to digital keys and aim to achieve feature parity with the available wallets.
Companies such as Accenture, Avast, and CVS Health are already backing OWF.
Verifiable credentials are becoming an essential digital empowerment tool for people and small entities. India has been at the forefront of it and is going all out to convert all physical certificates into digitally verifiable credentials via the Digilocker system.
A universal digital wallet infrastructure will create the ability to carry tokenized identity, money, and objects from place to place in the digital world.
The mobile wallet industry has seen significant advances in the last decade, changing the way people manage and spend their money, and the tasks that these wallets can perform have expanded. Mobile wallets are turning into digital IDs and a place to store documents whereby the security requirements are further improved.Momentum and interest for this area has grown, therefore, it becomes more important that a unified wallet core embracing open standards is created, with the aim to become the global standard.
Digital wallets are emerging as go-to applications for conducting financial transactions, providing identity and vital data, and storing medical information such as vaccination status. Wallets will expand to include other credentials, including professional and academic certifications, membership status, and more. Digital credentials, including their issuance, storage in wallets, and presentation, will impact the way humans authenticate and authorise themselves with digital systems in the coming decade.
Wallet technologies that are open and interoperable are a key factor in enabling citizens to protect their privacy in the digital world.
The popularity of digital wallets has grown rapidly throughout the years. Today, digital wallets play a significant role in all sorts of transactions across the world and are an essential tool for many people and businesses. With the growth of e-wallets, a mobile wallet app development company that can help simplify a business’s payment process could lead to more sales.
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