The European Central Bank has published a summary and details of lessons learned from its digital euro prototyping exercise. The tests were conducted from July 2022 to February 2023. The project examined how design choices for the digital euro could be technically implemented. And it examined just how a digital euro could be integrated into the existing European payments landscape.
The test results are positive. There would apparently be ample scope for innovative features and technologies. The findings also confirmed that a digital euro would work both online and offline, using independent designs. As a result, this would increase the resilience of the digital euro.
Digital euro: investigation phase to conclude in Autumn 2023
The prototyping exercise is an important part of the investigation phase of the digital euro project. This project was launched to ensure that central bank money remains accessible in the digital age. The investigation phase commenced in October 2021 and will be concluded in autumn 2023. It aims to address key issues relating to the design and distribution of a digital euro.
Nexi was selected in 2022 as one of five companies to provide front-end prototypes to test different payment use cases.
“We are honoured to have been chosen to support the ECB during the investigation phase of the digital euro. An engaging user and merchant experience is paramount to ensure wide adoption of the digital euro. We have brought our best expertise in both acceptance and mobile payments technologies to set a clear way forward,” said Roberto Catanzaro, Chief Business Officer Merchant Solutions of Nexi Group and member of the Digital Euro Market Advisory Group.