Apple Pay could have to compete with a European Union-led digital wallet

What you need to know

• The European Union is set to announce plans for a new digital wallet, according to a report.
• The wallet would be a direct competitor to Apple Pay.

People from 27 countries would be able to store pretty much anything in it.

Apple Pay looks set to get some new competition with the European Union ready to announce a new bloc-wide digital wallet that would not only handle payments but also store passwords and more.

According to a Financial Times report, The EU is set to announce the move tomorrow with all 27 member countries set to benefit. That also means that anyone from one of those EU countries will be able to use the new digital wallet when they travel to another, too.

The EU is set to unveil detailed plans for a bloc-wide digital wallet on Wednesday following requests from member states to find a safe way for citizens to access public and private services online.

The digital wallet would securely store payment details and passwords and allow citizens from all 27 countries to log into local government websites or pay utility bills using a single recognised identity, said people with direct knowledge of the plans.

The theory is that there will be one central digital wallet that will hold everything from payment methods to ID cards to almost anything else. Even electronic keys could be stored, making things like renting a car easier than ever.

A person hiring a car, for example, could use their digital wallet to do SO remotely through an application that will verify their identity and issue an electronic key so they can take the car immediately without the need to wait in line at the airport.

Things like that are possible now of course, but the EU way of doing it will make everything more centralized and less fiddly, it's hoped.

It doesn't matter how you're going to pay for things, nobody likes to pay more than they have to. With that in mind, make sure you check out our list of the best iPhone deals available right now. Who knows, maybe the next iPhone you buy will be paid for via the new EU wallet.