The European Central Bank (ECB) has selected caixabank and four other organizations to collaborate in the development of the digital euro prototypeas confirmed by the Spanish banking entity in a statement sent to this newspaper.
The European banking regulator has made a call to choose entities that develop technological projects associated with the creation of the European digital currency. Caixabank, the only European bank selected, will be responsible for making a prototype for P2P payments (between people) with the digital euro.
In this way, from this month of September and until the end of the year, Caixabank will work on the development of a mobile application that simulates what a citizen will have to do when they want to load their digital euro account and pay and/or transfer to other people .
The bank highlighted this Friday that Caixabank’s extensive experience and leadership in the field of innovation and means of payment, as well as the level of quality of its services, internal capacities in the development of projects and market coverage have been some of the aspects assessed in the selection process carried out by the ECB.
Last April, the European institution launched a call for payment service providers, banks and other relevant companies to join a prototyping exercise for customer-oriented payment services. A total of 54 companies have submitted to the call, including from banking entities to multinational technology companies.
The other four companies selected together with Caixabank for this phase (world line, PPE, nextoh amazon) will make prototypes for other use cases of the digital euro, such as offline P2P payments, payments at the point of sale (with specific processes depending on whether they are initiated by the merchant or by the customer) or payments for e-commerce.
The ECB is currently investigating what the digital euro could look like. If a digital euro were to be issued, it would not replace cash or other existing means of payment, but would complement them, becoming one more option for making payments, which would contribute to accessibility and financial inclusion.