The European Central Bank (ECB) has launched an ambitious innovation platform to advance the development of the digital euro, drawing participation from nearly 70 organisations across the European payments ecosystem.
The initiative aims to test payment functionalities and explore future-facing use cases for the digital currency, with insights expected to be published in a report later this year.
Following a call for interest in October 2024, the ECB received over 100 applications. Selected participants include merchants, FinTech firms, start-ups, banks, and payment service providers. They have been split into two groups—pioneers and visionaries—each focusing on distinct aspects of digital euro implementation. The new platform serves as a simulated environment in which these players can explore and experiment with how the digital euro might work in practice.
The pioneers workstream is primarily focused on technical feasibility. Participants are examining how conditional payments—automated transactions triggered by specific events such as goods delivery—can be executed using the digital euro. This group is also developing everyday payment use cases, integrating simulated digital euro interfaces into their own platforms.
To support these efforts, the ECB is providing access to technical tools, including application programming interfaces (APIs) and specifications, allowing participants to conduct independent research. The pioneers’ results will be reviewed by the ECB and used to guide the digital euro project’s next steps.
Meanwhile, the visionaries workstream is addressing broader societal challenges, such as improving digital financial inclusion. One idea under consideration is to enable people to open digital euro wallets at post offices, ensuring access to digital payment services even for those without a bank account or digital devices. Visionaries will present and refine their proposals through a series of workshops with the ECB, continuing until May 2025.
ECB executive board member Piero Cipollone highlighted the market’s strong engagement with the initiative. “We welcome the huge amount of interest that market participants have shown in this exciting initiative. The breadth and creativity of the proposals highlights the digital euro’s potential as a catalyst for financial innovation in Europe, including the development of new solutions that further enhance the payment experience for Europeans and create market opportunities.”
The ECB plans to publish a comprehensive report later this year summarising the findings from both workstreams, offering valuable insights into the digital euro’s potential and readiness for implementation.
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