- Amazon will develop a payment processing interface for online stores.
- Payer-initiated transactions will be the primary emphasis of EPI’s solution.
The European Central Bank (ECB) announced on September 15 that it would work with five firms to create prototype user interfaces for the digital euro. The digital euro’s compatibility with the aforementioned interfaces will be evaluated through simulated financial transactions in this experiment.
Amazon is one of the most well-known companies taking part; it will develop a payment processing interface for online stores. There has been no word on whether the corporation would provide a new user interface or a new version of its existing online shopfront.
ECB Backing Digital Euro
The developments of today do not suggest that Amazon will adopt the digital euro if and when the ECB introduces it. The Spanish bank CaixaBank and the European payments processor Worldline are also a part of this endeavor. These businesses will facilitate P2P transactions by developing user interfaces for both digital and traditional cash transactions.
Interfaces for POS transactions are being provided by the European Payments Initiative (EPI) and the paytech company Nexi. Payer-initiated transactions will be the primary emphasis of EPI’s solution, whereas payee-initiated transactions will be the primary focus of Nexi’s solution. These five firms were chosen from an initial group of fifty-four firms that expressed interest.
While each firm has an impressive reputation, its efforts may ultimately amount to nothing more than bragging rights. The European Central Bank said today that “there are no plans to re-use the prototypes in the subsequent phases of the digital euro project.”
Disclosure of the experiment’s findings is scheduled for 2023. According to recent sources, the EU’s digital euro will likewise be delivered in 2023. Along with a legislative framework for it. Some projections place the introduction of the digital Euro as early as 2025.
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