The European e-wallet should replace standard documents such as citizenship and driver’s license. It should enable the electronic signing of contracts, ensure access to authorities and enable online payments. In the Czech Republic, it should take the form of the eDokladovka application, which is being developed by the Digital and Information Agency (DIA).
“If we assume that every citizen of the Czech Republic spends one working day a year dealing with necessary matters at the offices or at the bank and that he is forced to use his vacation for these purposes, then by using the European digital identity wallet instead and dealing with everything needed online, there will be an increase in productivity and an improvement in the national economy with an impact on the GDP as well,” said Ivo Apetauer, head of Deloitte’s Fintech team.
Avast will participate in the development of the European digital wallet
Software
“Thanks to digital identity and overall simplification of bureaucratic processes, the positive impact on Czech GDP could be approximately 3.7 percent,” he added. According to him, the administrative burden on companies will be reduced thanks to the transfer of services to an online environment. For banks, Apetauer estimates a reduction in operating costs of up to a billion crowns. At the same time, the expansion of investments in innovative solutions for electronic wallets can be expected.
The European Commission assumes that by 2030, 80 percent of the citizens of the European Union could use an electronic wallet. If this were to happen, according to Deloitte’s analysis, it would mean annual savings of 855,000 hours of time for EU citizens. European companies would save up to 11 billion euros (258 billion crowns) annually.
