The European Central Bank (ECB) has chosen Caixabank and four other organizations to collaborate in the development of the digital euro prototype. The financial entity will be responsible for a prototype of P2P payments through the future digital currency.
Last April, the ECB launched a call for payment service providers, banks, among other companies, with the aim of joining a prototyping exercise for customer-oriented payment services, which would take into account the digital version of the euro. .
A total of 54 companiesbeing the awardees Caixabank, Wordline, EPI, Nexi and Amazon.
In the case of the financial entity, from this month of September until the end of the year, it will work on the development of a mobile application that simulates the process that citizens must carry out when they want to load their digital euro account and pay and/or transfer to other people.
The other four selected companies will make prototypes for other use cases of the digital euro, such as the offline P2P payments, payments at the point of sale or payments for ecommerce.
In its assessment, the ECB has highlighted Caixabank’s experience in the field of innovation and means of payment, the quality of its services, internal capacities in the development of projects and market coverage, explained from the financial institution.
Currently, the community entity is investigating the characteristics of a possible digital euro. If issued, it would not replace cash or other existing means of payment. Rather, it would be one more option for making payments, thus contributing to accessibility and financial inclusion.