Digital wallets enable people and organisations to manage their digital assets easily and securely from the device(s) or service(s) of their choice. Common applications include the management of data and transactions relating to identity documentation (driver licences and certificates), financial services (payments and funds management), tokens (NFTs and carbon tokens), and loyalty programs (vouchers and points accumulation). Wallets fall into two broad categories: single purpose or multi-purpose. Single purpose wallets focus on the management of one service, while multipurpose wallets deliver a range of services that can be inter-linked or standalone.
Wallets are also proving their value as a convenient and secure way for individuals to control how much information they share with services that require sharing of information. And it’s within this context that the European Union is executing plans for an interoperable European Digital Identity (EUDI) Wallet solution based on common standards and practices.
Alongside this, wallets are increasingly viewed as a powerful customer channel with calls to ensure that customers are able to transfer data and services from one wallet to another, spearheaded by the Open Wallet Foundation.
In the context of interoperability and portability, Meeco's Secure Value Exchange (SVX) Wallet can be embedded in an existing application or offered as a standalone service. The Wallet supports the management of Verifiable Credentials (VCs), with support for tokens and other digital assets coming soon.
The reference implementation Wallet is fully integrated with other SVX services such as the Vault and Credentials and is intended to enable organisations to get up and running with a proof of concept quickly. Integration with SVX means that network operators - such as government bodies or financial institution - can create an audit trail of when participating organisations and individuals were onboarded to their network of partners and when credentials were issued and revoked.
SVX Wallet implements standard protocols for life cycle management of credentials and is intended for use by both Issuers and Verifiers. We are currently engaged in interoperability testing with third party credential issuers to help deliver on the promise of global interoperability that Verifiable Credentials offer. Let us know if you’d like to learn more about this.
SVX Wallet is available as a reference implementation on the Apple App Store and Google Play Store. It provides easy integration with existing standards provided by global standards bodies including: OpenID Foundation (OIDF), the World Wide Web Consortium (W3C), Internet Engineering Task Force (IETF), Decentralized Identity Foundation (DIF) and more.
Implementations can be decentralised and/or cloud-based, with the option to deploy a stand-alone wallet application or embed in existing applications. See our Wallet page for the different models that we support.
Read more
