European Commission Announces Digital Business Wallet Initiative

The initiative targets significant reductions in administrative burden, with the Commission setting goals to cut reporting requirements by at least 25 percent for all companies and 35 percent for SMEs. These reductions are projected to save businesses approximately EUR 37.5 billion in recurring costs through the end of the current mandate.

Key features of the European Business Wallet include:

– Secure storage and management of digital business credentials, licenses, and certificates
– Cross-border interoperability for seamless operations across EU member states
– Enhanced security measures building on eIDAS regulations
– Streamlined regulatory compliance processes
– Simplified digital credential management

The initiative follows recent progress in the EU’s digital identity infrastructure, including the successful validation of the first open-source European Union Digital Identity Wallet (EUDIW) through the eIDAS-Testbed program.

The European Business Wallet announcement comes at a crucial time for EU digital transformation, coinciding with the European Central Bank’s ongoing exploration of a digital euro, with a launch decision expected later in 2025.

While implementation details are still being developed, the initiative represents a significant step toward creating a more integrated digital business environment in the EU, leveraging the foundation established by eIDAS 2.0 to enhance digital identity and credential management for businesses throughout the European Union.