The European Central Bank said Thursday it selected five organizations to help develop user interfaces for a potential digital euro.
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.
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