Inrupt launch data wallet tech ahead of projected usage boom

Businessman Hand Using Mobile Phone to Connect Digital Wallet. Mobile banking, online finance, e-commerce, Smart, E-wallet, Financial and Economy.
Editorial credit: TStudious / Shutterstock.com

Software provider Inrupt has launched a digital wallet for enterprises and governments to give to their customers and citizens.

Inrupt’s Data Wallet technology aims to revolutionise interoperable digital wallets, targeting a user-centric approach to how personal data is managed, shared and used. The company’s solution accepts a variety of data and makes it easy for users to consent to access their data, which Inrupt believes sets its product apart from the rest.

John Bruce, CEO and Co-Founder of Inrupt, commented: “Digital wallets are fast becoming the most compelling way to serve your customers and citizens. Organisations need to assess their wallet strategy. We built our Data Wallet to be easy to use – both for organisations and their users. It’s a direct channel of communication for valuable, relevant data.” 

According to Capital One Shopping, over 60% of the world’s population is expected to use digital wallets regularly by 2026, and over half of consumers are interested in using wallets for a broader range of purposes – not just payments.

This time frame aligns with the recent Digital Identity Regulation, which states that every EU Member State is required to offer at least one EU Digital Identity Wallet to all citizens and residents by 2026.

At Money20/20 Europe in June, a panel discussed the future of digital wallets, alluding to them transcending the world of payments and becoming the future of public infrastructure.

One panellist was Pramod Varma, Chief Architect Aadhaar at Beckn Protocol. Varma was a strong believer that digital wallets should be a method for people to store their data, which he says would give people more control. 

Osmar Olivo, VP of Product at Inrupt, stated: “Digital wallets aren’t just for payments anymore. With the Data Wallet adding identity and consent capabilities, they are quickly becoming the gateway to our digital lives and will soon be the main interface used for data sharing, management and collaboration.”

While there are still a lot of regulatory hurdles standing in the way of this goal, one man who knows just how technology can change the world is Sir Tim Berners-Lee, inventor of the World Wide Web and CTO and Co-Founder of Inrupt.

Berners-Lee said: “Browsers shaped the Web 1.0 era, and Web 2.0 was all about apps. But Web 3.0 is all about empowered individuals and personal data. The Data Wallet becomes a fundamental tool for users. By making this key piece of technology available, Inrupt is ensuring that the opportunities and benefits of secure personal Data Wallets are open for everyone.”

Announced yesterday (24 July), Sir Tim Berners-Lee is set to make a keynote speech at the upcoming SBC Summit 2024 in Lisbon. The event is taking place from 24-26 September.