The European Central Bank decided to work together with five companies to develop a platform to create the digital euro.
Each company will work on a specific use case of the digital euro. Amazon was chosen to focus on e-commerce payments. Caixabank and Worldline will focus on peer-to-peer online payments, while EPI and Nexi will focus on payer-initiated point-of-sale payments.
The five companies were chosen from a pool of 54 front-end providers, the ECB detailed, adding that they best matched the “specific capabilities” needed for their respective part of the project.
The ECB formally began investigating what its CBDC, the digital euro, would look like in October last year, when it stipulated that the research and development phase should last around two years.
ECB President Christine Lagarde said in February that a digital euro will not come to replace money, but to complement it.
“A digital euro would give you additional choice on how to pay and make payment easier, contributing to affordability and inclusion,” she explained.