The European Central Bank (ECB) announced its selection of five companies to assist in the development of user interfaces for the digital euro. This includes e-commerce giant Amazon, Italian bank Nexi, and Spanish bank CaixaBank.
The ECB collaborates with third parties on the digital euro
According to the ECB, the companies will test the integration of the digital euro in different scenarios within the CBDC development project.
Each company will focus on a specific use case. Amazon will be responsible for testing e-commerce payment systems, CaixaBank and Worldline for prototyping P2P payments, and EPI and Nexi for retail point-of-sale payments.
Prototypes Will Serve For Testing Purposes Only
According to the ECB, the prototypes created by the companies will only be used to test the functionality of the digital euro, not in later phases.
According to the ECB, its CBDC project is nearing completion and will be ready by the first quarter of 2023.
ECB Assesses The Risk of Launching The Digital Euro
According to the local Spanish news outlet “El Economista,” the ECB fears that the launch of the digital euro may cause a “deposit leakage in commercial banks,” so they are consulting with several leading payment providers to determine whether the CBDC will be a successful launch for individuals and businesses.