OpenWallet Foundation Formed Digital Wallet Open-Source Alternative

Linux Foundation Europe has announced the formation of the OpenWallet Foundation, a collaborative consortium aimed at building open-source software to support interoperability for digital wallet use cases, which include making payments, digital identification, and validating credentials such as employment, financial standing, and entitlements. 

“Wallets are critical infrastructure for payments, for identity, and for secure access. Open source   is a great role model for infrastructure that is vital for digital societies and benefits everyone,” said Daniel Goldscheider, founder of the OpenWallet Foundation. “With open source at the core of wallets, like it is at the core of web browsers, anyone can build a digital wallet that works with others and gives consumers the freedom to maintain their identity and verifiable credentials and share relevant data when, where, and with whom they choose.”

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Google and Apple have charted the course for digital wallets over the past decade, as the operators of the two main mobile operating systems: Android and iOS. That has led to some friction when it comes to connecting various passbooks and wallets together, although tools have been built by both making compatibility with their digital wallets easier in recent years. 

“The world needs a place to store digital assets that matter, and the work of this foundation has the potential to redefine the credentials landscape globally, creating in turn much better digital experiences for people everywhere and new market opportunities,” said Gabriele Columbro, general manager of Linux Foundation Europe. “The EU has been a leading force in data privacy and consumer protection, and efforts like OWF offer a concrete opportunity for policy makers to “shift left” their engagement, enabling a continuous and transparent feedback cycle between regulations and regulated technology.” 

The OpenWallet Foundation will not build the wallet itself, but will provide guidance to the many collaborators of the project. The foundation will also fund teaching and promotional efforts to enhance the wallet’s adoption. It aims to be a feature-rich wallet that is able to compete with proprietary solutions available. 

There are a wealth of collaborators listed by the foundation, these include: Accenture, American Express, Deutsche Telekom, Fynbos, Futurewei, Gen, Hopae, IAMX, IDnow, IndyKite, Intesi Group, Ping Identity, SmartMedia Technologies, Spruce, Swisscom, and Visa. 20 non-profit, academic, and government entities are also involved in the foundation.