欧洲央行-ERPB对数字欧元的参与符合支付生态系统（英）

16 July 2025Forward Looking ConclusionsERPB engagement on digital euro fit in the payment ecosystemDigital euro projectECB-UNRESTRICTEDwww.ecb.europa.eu © 2Engagement on fit in the ecosystem with market stakeholders started in October 2024All stakeholders were invited to participate and contribute to all sessions.Payment Service Providers3 Core theme sessions on Competition, Synergies and Business Model; 3 Outcome Sessions1Merchants1 Core theme session2 on Competition, Synergies and Business ModelConsumers1 Core theme session2 on Digital financial inclusion, Privacy fraud prevention and resilience, and Competition8 ERPB Fit in the Ecosystem Technical Sessions1. Competition and Synergies outcome sessions were held on the same day.; 2. Merchants and Consumers sessions were held on the same day12-day in-person workshop was organized to discuss the key takeaways from the workstreamECB-UNRESTRICTEDwww.ecb.europa.eu © 3Process leading to today's discussionDiscussion initiated and presented based on internal, qualitative analysisBased also on previous bilateral engagementWritten feedback on the discussions provided by market participantsContributions always published on ECB websiteOutcome sessions to identify areas of widespread agreement and to focus on further in-depth explorationsAd-hoc outcome session held only for PSPsWorkshop conducted to delve deeper into areas identified by the ECB and the market as requiring further explorationForward-looking conclusions document summarizing the main outcomes and the way forward for the workstream29 Value drivers presented and discussed (16 PSPs, 4 Merchants, 9 Consumers)ECB-UNRESTRICTEDForward-looking conclusionsECB-UNRESTRICTEDwww.ecb.europa.eu © 5Competition – version shared•There is -on a conceptual level- broad understanding that a digital euro with mandatory acceptance and without scheme-fees for intermediaries could give intermediaries and merchants a better negotiation position vis-à-vis International Card Schemes, especially for those markets where no domestic or regional card scheme is present of where they for now have limited penetration. •To counter the perceived risk of disintermediation of European private sector initiatives “co-branding/co-badging” of digital euro with domestic cards solutions or digital wallets could be a promising way out. •This would also take away the need for expensive or complex initiatives of interoperability between domestic/regional solutions. This would reduce the dependency on ICS and create reach across the eurozone.ECB-UNRESTRICTEDwww.ecb.europa.eu © 6Competition – proposed version after feedback•There is - on a conceptual level - broad an understanding that a digital euro with mandatory acceptance and without scheme-fees for intermediaries may make intermediaries and merchants better off: This could be the case if benefits of a potentially better negotiation position vis-à-vis International Card Schemes (indirect channel) and the benefits of the compensation model