- Amazon will develop a payment processing interface for online stores.
- The transactions initiated by the payer will be the primary focus of the EPI solution.
European Central Bank (European Central Bank) announced on September 15 that it will work with five companies to create user interface prototypes for the Digital Euro. The compatibility of the digital euro with the above-mentioned interfaces will be evaluated by simulating financial transactions in this experiment.
Amazon is one of the most popular participating companies; It will develop the payment processing interface for online stores. There was no word on whether the company would provide a new user interface or a new version of the existing online storefront.
The European Central Bank supports the digital euro
Today’s developments do not suggest that Amazon It will adopt the digital euro if the European Central Bank introduces it. Spanish Bank CaixaBank European payment processor Worldline is also part of this endeavor. These companies will facilitate P2P transactions by developing user interfaces for both digital and traditional cash transactions.
Interfaces for point-of-sale transactions are provided by the European Payments Initiative (EPI).EPI) and paytech Nexi Corporation. Payer-initiated transactions will be the primary focus of the EPI solution, while payee-initiated transactions will be the primary focus of the Nexi solution. These five companies were selected from an initial pool of fifty-four companies that have expressed interest.
While every company has a great reputation, their efforts may ultimately amount to nothing more than bragging rights. The European Central Bank said today that “there are no plans to reuse the prototypes in the later stages of the Digital Euro project”.
The results of the experiment are scheduled to be revealed in 2023. According to recent sources, the digital euro will also be delivered to the European Union in 2023. Together with a legislative framework for this. Some forecasts place the introduction of the digital euro as early as 2025.
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