Marie Austenaa, the head of digital identity at Visa has described the upcoming EU Digital Identity Wallet (eID) is as a “gamechanger” for payments and banking, describing the move as a “present on a silver plate” for the sector, with the eID Wallet acting as a crucial new tool for regulatory compliant account opening. By 2026, each EU member state will need to deliver at least one version of the Wallet. The IDs are expected to be fully operational by 2027, with service providers mandated to accept them during the same year. Austenaa explained that the ID will make it much easier to open a bank account in another country and expand across borders. The head of digital identity said the upcoming ID will be used as an authentication credential in a person’s wallet, where a bank can rely on it rather than their banking app, while it can be presented to a merchant to perform authentication in “a way that everyone can trust.” She described it as an opportunity to separate the identity process from banks. The identification process will be done by another entity, she said, but proof will still be shared with the financial institution. Austenaa added that the eID would provide opportunities in other areas such as verification of IBAN, or proof of income, but she said that this is “going to take time”. “[It is an] opportunity for the banks, having a trusted digital identity that is fully digital with a great user experience, the member states taking responsibility for the identity itself, that’s kind of cool,” she continued, adding that the ID will create economic wealth all around the EU, with further opportunities around driving trust and innovation, and reducing fraud.