Accelerating innovation with digital euro! Amazon explores online payment function with digital euro!
Amazon explores online payment with digital euro to accelerate innovation
BusinessDialogue has learned that Amazon believes in the added value of the digital euro being developed by the European Central Bank (ECB). The company has built a prototype for its use in e-commerce payments.
The Eurozone central banks are exploring the possibility of digital currencies. It aims to serve as a stable alternative to cryptocurrencies like Bitcoin and ensure that central bank funds remain available in the digital age. Last spring, the European Central Bank called on front-end suppliers in the European payment market to contribute ideas and build specific applications.
Prototype for e-commerce transactions
Last fall, Amazon was selected to build a prototype and explore the online payment functionality of the digital euro. The US company said: “Our goal is to successfully deliver a front-end prototype for e-commerce transactions and integrate it with the back-end infrastructure prototype of the Eurosystem to confirm that the potential digital euro can be smoothly integrated into the existing European payment landscape.”
Four other entities also have the opportunity to investigate the specific applications of the digital euro, including Italian bank Nexi, Spanish CaixaBank, French payment processor Worldline, and a consortium of banks and payment processors, the European Payments Initiative (EPI). The EPI aims to launch a unified payment solution throughout the continent and recently underwent an acquisition to achieve this goal. The European Central Bank supports the initiative.
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In a report, the European Central Bank introduces the investigation results and lessons learned from the five prototype developers. The central bank concluded: “Tests have shown that they can be integrated smoothly while leaving enough space for innovative features and technologies. The investigation results also confirm that the digital euro can, in principle, be used online and offline, with independent design.” “This will also increase the flexibility of the digital euro.” The developed prototype will not be used as the basis for future payment solutions.
Positive Outlook from Amazon
BusinessDialogue learned that Amazon welcomes the launch of digital euros. The company stated: “We believe that digital euros can be a tool for promoting innovation and improving payment efficiency.” This e-commerce giant is optimistic that the new public infrastructure will bring “significant benefits” to EU residents, businesses, and the wider EU economy.
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