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Berlin Group and nexo standards develop joint standards for digital euro payments

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The introduction of a digital euro is not yet certain, but nexo standards and the Berlin Group are already joining forces. Together they will develop standards that would make it easy and efficient to pay with digital euros throughout the EU if a decision is made to introduce the currency.

Person holds smartphone with 'Digital euro received' written on it, in an urban environment at dusk, depicting digital payment in everyday life.

The success of a digital euro will depend in part on how easily businesses can accept it and consumers can spend it at the point of sale. The Berlin Group and nexo standards have therefore agreed to develop efficient joint standards for digital euro payments.

The new standards should allow a digital euro to connect seamlessly to existing equipment and infrastructure for common e-commerce and point-of-sale payments in the EU, including current payment terminals for contactless card payments and the payment systems of transaction processors. The standards should also make digital euro payments easier and more accessible if the currency is introduced in the future.

The Dutch Payments Association is a member of the Berlin Group and participates in its Open Finance Taskforce and Plenary. The European Commission recently published proposals for the legal framework of a digital euro . These must be discussed by the European Parliament and the Council of the European Union. Any decision to actually introduce a digital euro is reserved for the Governing Council of the Eurosystem.

Read the full press release from the Berlin Group and nexo standards…

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