欧洲央行-ERPB对数字欧元的参与符合支付生态系统（英）-2025_21页_1mb

Summary of ERPB Engagement on Digital Euro Fit in the Payment Ecosystem

Core Content

The European Central Bank (ECB) has initiated a structured engagement process with market stakeholders to explore the integration of the digital euro into the existing payment ecosystem. This engagement, which began in October 2024, aims to identify synergies, address competition concerns, develop a sustainable business model, and ensure resilience and transparency in the digital euro system.

Main Outcomes and Key Points

1. Competition

• A digital euro with mandatory acceptance and no scheme-fees for intermediaries could improve the negotiation position of intermediaries and merchants relative to International Card Schemes (ICS), especially in markets with limited domestic or regional card penetration.
• Co-branding/co-badging of digital euro with existing domestic card solutions or digital wallets is proposed as a way to counter disintermediation risks and reduce interoperability costs.
• The compensation model is seen as a direct channel benefit, potentially offsetting any decline in ICS volumes.

2. Synergies

• A common acceptance layer for A2A/push payments is identified as a key synergy, particularly for PoS and e-commerce transactions.
• The layer includes:
  • A scheme-agnostic contactless (NFC) kernel for POS and ATM (first priority)
  • An open QR-code standard (second priority)
  • Open banking API standards
  • Other components under evaluation
• The goal is to align on widely adopted data definitions and standards to create cost advantages and operational efficiencies.

3. Business Model

• Stakeholders have divergent views on the proposed compensation model, which is part of the Digital Euro Regulation (DER) and under the co-legislators' remit.
• A staggered roll-out approach is proposed to spread costs over time and prioritize critical use cases for adoption and resilience.
• The private sector is expected to develop value-added services on top of digital euro, potentially allowing for charging mechanisms.
• Mutualisation of development and operational costs is recommended to reduce market investment burden.

4. Resilience and Transparency

• The decline in cash usage raises concerns about its ability to serve as a credible fallback in case of card system outages, especially at PoS.
• Digital euro can enhance payment resilience by providing an alternative payment method on separate rails.
• Offline digital euro supports payments even in the event of internet connectivity loss and can also partially address electricity outages.

5. Digital & Financial Inclusion, Privacy and Fraud Prevention

• Digital euro can complement digital-only payment methods by offering access to non-smartphone users, unbanked individuals, and those seeking cash-like anonymity.
• The draft Digital Euro Regulation includes provisions for privacy and fraud prevention, which should be considered in the design of the digital euro.

Key Actions and Next Steps

The following actions have been proposed and prioritized:

1. Coexistence of Digital Euro and Existing Schemes

   • Collaborate with European cards and A2A schemes to explore co-badging/tri-badging and business logic.
   • Reuse existing AML/KYC, fraud risk management, and onboarding/offboarding processes.
   • Address regulatory misalignments and industry roadblocks.

2. Fair-for-All Compensation Model

   • Work with co-legislators to develop a compensation model that ensures fair liability distribution and reduces unintended consequences.
   • Focus on topics such as open funding, fee caps, inter-PSP fees, and X-Pay wallet integration.

3. Optimize Roll-Out Strategy

   • Develop a cost-efficient roll-out plan to maximize adoption and minimize risks.
   • Consider one form factor per use case and specific functionalities like recurring payments.
   • Clarify two-tier access to DESP and fee reporting obligations for acquirers.

4. Fraud Risk Management

   • Conduct a deep dive on fraud management to ensure intermediaries can address fraud across all payment forms.
   • Make digital euro fraud-resistant by design.

5. Offline Digital Euro

   • Organize a deep dive on offline digital euro, as requested by merchant associations.

Supporting Documents

• Concluding Workshop Minutes: Summarize the full discussion and ECB statements.
• Forward Looking Conclusions: Document the main outcomes and proposed next steps.
• Annex 1 - Forward Looking Conclusions: Detailed insights from the session.
• Full FitE Report: Comprehensive overview of the workstream and its implications.

Timeline

• The work package (WP) has been closed.
• The full report will be published on the ECB website after 48 hours of advance sharing for final flow check.
• Follow-up actions will be planned based on urgency and expected value.

Conclusion

The engagement process has highlighted the importance of collaboration, standardization, and strategic roll-out in integrating the digital euro into the payment ecosystem. The proposed co-branding, common acceptance layer, and fair compensation model are seen as critical enablers for market stability, resilience, and financial inclusion. The ECB remains committed to working with stakeholders to ensure the digital euro is both functional and inclusive.