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The OpenWallet Foundation (OWF) has been launched by the European arm of the Linux Foundation.
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OWF aims to support interoperability between digital wallets through open source software.
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Digital wallets are increasingly being used to store virtual goods like student ID and driving licenses.
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However, digital wallets from different providers are not interoperable.
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OWF aims to create an open source engine to power interoperable digital wallets across various use cases.
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A new report by OWF and Linux Foundation highlights the importance of an open digital wallet ecosystem.
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The total value of all digital wallet transactions was $15.9 trillion in 2021.
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OWF's core selling point is to help companies avoid vendor lock-in.
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OWF will not build a digital wallet or develop new standards, but rather create a technological core that third parties can use to power their own digital wallets.
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The OWF was developed by Daniel Goldscheider, CEO of open banking startup Yes.com.