The European Linux Foundation launched the OpenWallet Foundation to support interoperable digital wallets

It is reported that the Linux Foundation (Europe), a non-profit entity committed to promoting innovation through open source code, announced the launch of the OpenWallet Foundation to support the development of open source wallets. The main task of OpenWallet is to develop a secure open source engine that anyone can use to build an interoperable digital wallet. The OWF and Linux Foundation also released a new report, stressing the importance of a more open digital wallet ecosystem, and pointing out that the total value of all digital wallet transactions in 2021 will be $15.9 trillion.

Interpretation of this information:

The Linux Foundation (Europe) has recently introduced the OpenWallet Foundation (OWF), a non-profit organization that aims to facilitate the development of open source wallets. The organization seeks to create a secure open source engine that can be used to build interoperable digital wallets that will be useful for many people. The OWF believes that having more open digital wallet ecosystems is crucial to the growth of the industry, and they have emphasized the growing value of digital wallet transactions, which is predicted to reach $15.9 trillion in 2021.

The creation of the OWF is a significant move towards the democratization of digital wallets, as the initiative seeks to provide a safe and accessible way for anyone to develop an interoperable digital wallet. In the past, the development of digital wallets has been largely confined to large corporations, and the use of proprietary software has made it difficult for smaller players to enter the market. The OWF aims to change this by providing a platform that is open to all, with the goal of promoting innovation and growth in the industry. This will ultimately benefit both consumers and businesses, as they will have access to a diverse range of digital wallets that can be used for various purposes.

The release of the report by the OWF and Linux Foundation also underscores the importance of a more open digital wallet ecosystem. The report highlights the projected growth of digital wallet transactions and the need for a robust and dynamic ecosystem that can support this growth. By emphasizing the importance of open source software and interoperability, the OWF and Linux Foundation hope to encourage the creation of more secure and user-friendly digital wallets that can be used by a wider range of people.

In conclusion, the launch of the OpenWallet Foundation is a positive development for the digital wallet industry, as it seeks to promote innovation and accessibility through open source software. The initiative is a step towards a more open digital wallet ecosystem that will benefit consumers and businesses alike. The report released by the OWF and Linux Foundation highlights the importance of the digital wallet industry and the need for continued growth and development. The three keywords that summarize this message are OpenWallet Foundation, open source, and digital wallets.