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Home Crypto

The European Central Bank has chosen Amazon, Nexi, and other 3 firms

Sergio Richi by Sergio Richi
5 months ago
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The European Central Bank has chosen Amazon, Nexi, and other 3 firms
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The European Central Bank said Thursday it selected five organizations to help develop user interfaces for a potential digital euro.

Amazon banner

Amazon, the planet’s largest e-commerce firm by market value, and the European Payments Initiative, a consortium of 31 banks and credit institutions, are also involved. To verify a variety of applications, 54 applicants were eliminated, because they satisfied “specific requirements” for talent.

European Central Bank

The ECB is currently investigating the creation of a central bank-issued digital euro to solve the problems associated with cash transactions. The ECB is planning to use it exclusively to facilitate personal payments within the EU if created, but a decision hasn’t been made yet. A report on the results of the prototyping project is due in the first quarter of 2019.

Countries like the United States that haven’t decided if a central bank digital currency would be of national interest are behind nations like China, which have already tested CBDCs in the real world. Because of this, the EU is one of about 100 jurisdictions that are actively exploring central bank digital currencies, which are digital forms of sovereign currencies like the U.S. dollar or the euro.

Each of the five companies was given the task of testing out various uses for the ECB’s design trial. Amazon, for example, will be testing online shopping payments, according to the ECB.

tested cbdc in the real world

Amazon Payments

Amazon Payments’ vice president, Max Bardon, said in an email to logll.com that future developments will be based on modern, fast, and inexpensive payment technologies.

We predict that CaixaBank will develop a mobile app that simulates the steps users will take to transfer digital euros to their bank accounts or transfer digital euros to other individuals. We expect that Worldline will explore offline payments between individuals, while EPI and Nexi will work on point-of-sale retail payments. You’ll also be interested to know: how to trade bitcoin with bybit mt4

amazon payments technologies

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Sergio Richi

Sergio Richi

Sergio Richi is the founder and proprietor of Logll.com. He specializes in writing about Cyber Security issues and topics related to this field. His work focuses on providing readers with comprehensive knowledge about the latest developments in the world of technology. He authors content on Business, Cars, Cool Gadgets, Laptops Reviews, Finances and Cryptocurrencies, as well as exploring developments in Information Security.

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