The ECB signed deals with three standards bodies to reuse open payment standards for the digital euro and lower integration costs for banks and merchants.
The European Central Bank (ECB) said Friday it has signed agreements with three European standards bodies to reuse existing open payment standards for digital euro transactions, as it seeks to reduce integration costs for banks, merchants and payment service providers.
According to the ECB, the agreements with the European Card Payment Cooperation, Nexo standards and the Berlin Group will allow the ECB to use standards covering contactless tap-to-pay payments, merchant-to-payment-provider connections and alias-based payments, such as transactions using a mobile phone number.
The ECB said using existing open standards would minimize adoption costs for the market and help create a uniform digital euro user experience across the euro area. However, the standards agreements remain a cost-mitigation step, not confirmation that the digital euro will be cheap to implement.
