ECB Finalizes Digital Euro Offline Payment Framework
The European Central Bank (ECB) has finalised framework agreements for five digital euro procurement processes. The agreements ensure that digital euro transactions can be conducted offline, mirroring the privacy and resilience of cash.
Dr. Wolfram Seidemann, CEO of G+D Currency Technology, led a pan-European cooperation to develop the offline capabilities of the digital euro. The ECB has concluded a framework agreement with this consortium, comprising Giesecke+Devrient (G+D), Nexi, and Capgemini, for the development and partial operation of the offline solution.
The selected solution combines G+D's SecurityTech expertise, Capgemini's technology consulting leadership, and Nexi's payment technology innovation and POS expertise. Renato Martini, Digital Banking Solutions Director of Nexi Group, emphasised the importance of seamless offline payments for the digital euro. This offline capability is crucial for data privacy and resilience, enabling transactions even without an internet connection or power supply.
The ECB's move towards digital euro transactions, with offline capabilities, is a significant step towards providing universally accessible digital payments in the euro area. The selected solution ensures that the digital euro will complement banknotes and coins, maintaining privacy and resilience similar to cash.
