ECB Signs Agreements with Three Standard-Setting Bodies to Reduce Digital Euro Access Costs
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ECB Signs Agreements with Three Standard-Setting Bodies to Reduce Digital Euro Access Costs
According to Cointelegraph, the European Central Bank (ECB) has signed agreements with the European Card Payment Cooperation, Nexo Standards, and the Berlin Group to reuse existing open payment standards for digital euro transactions—aiming to lower system integration costs for banks, merchants, and payment service providers. These standards cover contactless payments, merchant and payment service provider connectivity, and alias-based payments (e.g., using phone numbers). The ECB stated that this initiative will help reduce market adoption costs and foster a unified digital euro user experience across the euro area. Earlier, Reuters cited an ECB analysis estimating that the digital euro could cost EU banks approximately €4–6 billion over four years.
Navigating Web3 tides with focused insightsTechFlow reports that on April 24, according to Cointelegraph, the European Central Bank (ECB) has signed agreements with the European Card Payment Cooperation, Nexo Standards, and the Berlin Group to reuse existing open payment standards for digital euro transactions—thereby lowering system integration costs for banks, merchants, and payment service providers. These standards cover contactless payments, merchant and payment service provider connectivity, and alias-based payments (e.g., using phone numbers). The ECB stated that this initiative will help reduce market adoption costs and foster a unified digital euro user experience across the euro area. Earlier, Reuters cited ECB analysis indicating that the digital euro could impose costs of approximately €4–6 billion on EU banks within four years.
