The awaited eIDAS Regulation (EU) 1183/2024, known as eIDAS2.0, introduces new comprehensive rules aimed at facilitating a secure and seamless Europe-wide digital identity framework by amending the first eIDAS Regulation (EU) 910/2014. As the most notable change, eIDAS2.0 introduces a new EU Digital Identity Wallet (EUDI Wallet), meaning an electronic authentication application that must be interoperable throughout the EU. In function, the application will be similar to ordinary wallets, especially when looking at what types of data is stored in it. The Regulation entered into force on 20 May 2024 and the European Commission is due to adopt technical implementing acts in November 2024, after which the Member States have 24 months to implement at least one EUDI Wallet.
Goals of eIDAS2.0 in a nutshell
The EU has set itself several ambitious goals in its EU Digital Compass. These include:
- a European Union where 100% of essential public services are accessible online, and
- 80% of European citizens having a digital ID by 2030.
For Fintechs and other eID solution providers, the eIDAS2.0 presents huge business opportunities by encouraging private sector partners to develop digital wallets on the Member States’ behalf.
The eIDAS2.0 Regulation is a key step towards achieving these goals and aims to update the European digital identity framework and introduce a new European Digital Identity Wallet (EUDI Wallet). There is much to be done as only about half of EU countries currently have any form of digital identity system in place and even they are often limited to the public sector and are not interoperable across national borders.
