ECB Takes Major Step Towards Digital Euro With Offline Payment Solution
The European Central Bank (ECB) has taken a significant step towards the digital euro's implementation. It has concluded a framework agreement with a pan-European consortium consisting of Giesecke+Devrient (G+D), Nexi, and Capgemini to deliver an offline solution for digital euro payments.
The ECB aims to create a robust, user-centered solution that ensures the digital euro can be used as a universal payment means in the euro area, even without an active internet connection or third-party involvement. The offline functionality will provide data privacy and resilience comparable to cash transactions.
Giesecke+Devrient, the leading company in the consortium, will contribute its expertise in security and currency technologies. It will work alongside Nexi, which brings know-how in POS integration and digital payment systems, and Capgemini, responsible for interface development, testing processes, and integration into the existing payment architecture. Together, they will finalize detailed planning, timelines, and testing procedures for the digital euro's implementation and operation. Balances will be stored directly on end devices, and payments will occur locally between devices, preventing banks and payment service providers from recording transaction details. The solution will be integrated into the Digital Euro Service Platform (DESP) to provide offline resilience and data privacy.
The ECB's collaboration with Giesecke+Devrient, Nexi, and Capgemini marks a crucial milestone in the digital euro's development. The offline solution will enhance the digital euro's usability and security, bringing it closer to becoming a widely accepted payment means in the euro area.
