The European Central Bank (ECB) and national central banks in the euro area are working on digital euro – the central bank’s digital currency. Digital euro is to be money in digital form, an electronic equivalent of cash.

The work undertaken in this area so far has been summarised by Fabio Panetta, Member of the ECB’s Executive Board in a statement at the Committee on Economic and Monetary Affairs of the European Parliament. One of the topics addressed in the statement are the ECB’s plans to introduce a digital euro app. The app would offer basic payment functionalities and be uniform in its appearance and operation. It would facilitate creation of a standard approach to connecting end users with intermediaries. At the first stage, the app is to enable contactless payments, QR codes and easy way to make online payments.

The main purpose of the app to ensure the minimum required development for the market so that intermediaries – ​​including smaller ones, who may not be willing to bear the costs of creating their own payment interface – can retain their role in the distribution of digital euro.

Listening to opinions of consumers’ associations and market research results, the app is to respond to the preferences of some end users, who asked for an independent access channel where basic functionalities are available.

Fabio Panetta said: ‘The app would ensure that no matter where you travel in the euro area, the digital euro would always be recognised and you would be able to pay with it.’

To learn more about the ECB’s work plan in regards to digital euro for 2023, please visit: https://www.ecb.europa.eu/press/key/date/2023/html/ecb.sp230123~2f8271ed76.pl.html