Amazon, Nexi, 3 More Selected by ECB to Prototype Digital Euro Apps

Five organizations including Amazon, Spanish multinational CaixaBank, French payments platform Worldline, Italian payments-focused bank Nexi and the EBC-backed payment integration initiative EPI have been selected by the European Central Bank to help develop user interfaces for a potential digital euro.

The ECB started a two-year investigation into whether to issue a digital euro, a central bank-issued alternative to cash according to the bank, a year ago. Though it's not clear whether the ECB will issue one until September 2023, current thinking is to use it exclusively to facilitate personal payments within the European Union, if issued. In the meantime, potential design options will be tested in the prototyping project, and results will be out in the first quarter of next year.

To date, the number of jurisdictions actively exploring central bank digital currencies has amounted to 100. Countries like China already has citizens using a CBDC in real-world trials. Other major jurisdictions like the U.S. has yet to decide if one is of national interest.

For the ECB's design trial, the selected companies will test specific uses. Amazon, for instance, will work on e-commerce payments, said the ECB.

CaixaBank will be developing a mobile app simulating the steps users will take to transfer digital euros to their bank accounts or transfer digital euros to other individuals. Worldline will explore offline payments between individuals. EPI and Nexi will work on point of sale retail payments.