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European Central Bank signs agreement with 3 standard-setting bodies to reduce digital euro access costs

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ME News, April 24 (UTC+8), the European Central Bank (ECB) recently signed an agreement with the European Card Payment Cooperation, Nexo Standards, and Berlin Group to reuse existing open payment standards in digital euro transactions. This move aims to reduce system access costs for banks, merchants, and payment service providers. Relevant standards include contactless payments, connectivity between merchants and payment service providers, and alias-based payment methods such as mobile phone numbers. The ECB noted that this will help lower market adoption costs and promote a unified digital euro user experience across the euro area. Previously reported, the ECB estimated that the digital euro could cost EU banks approximately €4 billion to €6 billion over four years. (Source: MLion)
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