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www.ecb.europa.eu © 7 October 2024The digital euro in a changing payments ecosystemEurogroupA changing payments landscapewww.ecb.europa.eu © Europe’s payments landscape is changing fast – to the detriment of European players3We do not currently have a pan-European digital payment solution.Private initiatives and domestic schemes struggle to scale up to the pan-European level and compete with international card schemes. As a result, foreign initiatives, including those from China, Brazil and India, are increasing their market share.Electronically initiated card transactions in the euro areaDomestic card schemesInternational card schemesSource: ECB payment statistics.62%64%38%36%0%10%20%30%40%50%60%70%80%90%100%20222023www.ecb.europa.eu © The dominance of foreign providers has implications for payment resilience4Relying on foreign providers creates dependencies:•Domestic schemes rely on Mastercard and Visa for contactless payment services•Payment services offered by foreign providers may be suspended or revokedEurope needs its own strong digital payments system to ensure its resilience and autonomy. Digital euro: benefits for stakeholderswww.ecb.europa.eu © 6A digital euro can benefit all market stakeholdersDigital euro is widely supported by consumer and merchant organisations The three main concerns of financial intermediaries are:The impact on bank intermediationRevenues and costs of implementationInteraction with other market participants123www.ecb.europa.eu © 7Holding limits will be carefully calibrated to mitigate the impact on bank intermediationWork on the calibration of holding limits is advancingWe are engaging with all stakeholders, including the market and national authoritiesWe are working to define a methodology that would make it possible to simulate the impact of different holding limits on banksWe plan to conclude and present the work by spring 20251www.ecb.europa.eu © 8A digital euro would be cost-effective and support the business models of payment service providers (PSPs)We aim to reuse existing standards as much as possible in thedigital euro rulebook.¹PSPs may integrate digital euro services into their existingapplications.Integrationinto existing infrastructureA fair compensation model will enable PSPs to generate additional revenues.Fair compensationPSPs can offer value-added services, built on digital euroopen standards, as an additional source of revenue.Innovation¹ See the latest report of the Rulebook Development Group.2www.ecb.europa.eu © 9A digital euro would enable regional and domestic payment schemes to increase their strategic relevance Schemes could incorporate digital euro in their apps or potentially issue a physical card in conjunction with digital euro(“co-badging”) Eliminate dependency on international card schemes for contactless in-store payments Use digital euro open standards to broaden services and geographical reachReducing dependenciesCombining forces3www.ecb.europa.eu © 10ConclusionThe European pay