Digital Wallets : A New Paradigm - Convergence of User-Centric Digital Identity, Data Sharing and Payments

Overview & Synopsis

This document provides a conceptual and architectural framework for understanding digital wallets, verifiable credentials, and their role in transforming digital identity, data sharing, electronic signing, and digital payments. It is intended primarily for government decision-makers and practitioners seeking to design, regulate, or oversee wallet ecosystems, although many concepts are equally relevant for private-sector participants of these ecosystems—including financial institutions, trust service providers, and technology platforms. This paper focuses on how wallets work, what is new about them, and how they change digital identity, data sharing, electronic signatures, and payments. It also highlights the risks and challenges that implementers must address as these ecosystems grow.