According to recent information, the European Central Bank has selected five partners including Amazon and CaixaBank to assist in developing a digital euro prototype.

In April, the European Central Bank (ECB) announced a call for partnership regarding the development of the digital euro, and since the announcement, more than 50 expressions of interest have been received by the ECB.

Spanish lender and US tech giant, alongside Worldline, Nexi, and EPI have been announced on Friday as the companies that were picked among the companies of expression, this announcement, however, shows a step closer to the development of the digital euro, and according to ECB, it picked these companies based on their “specific abilities”.

Among the selected companies, CaixaBank in its part will be focusing on the production of a prototype for P2P online payments with digital euros, months later, it will develop a mobile application that will simulate the steps users have to take to transfer digital euros to their account and/or transfer digital euros to another user.

World line will be developing a P2P offline payments use case while Nexi will work on in-store payments.

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What is Digital Euro?

Digital Euro is a digital version of the currency issued by the European Central Bank namely euro, the plan to roll out the digital euro started in 2021 when the ECB launched an investigation into its feasibility.

The feasibility study should end by 2023, the ECB will see into the prototypes and success of its partnership with the five chosen companies.

Some top officials in the ECB like its President Christine Lagarde have noted that the development of the digital euro will provide a more efficient payment system in comparison to cryptocurrency.

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