ECB reveals findings on attitudes towards digital euro

The European Central Bank (ECB) has released the findings of its research on attitudes towards digital payments as part of its investigation into a digital euro.

The report revealed a “strong preference” for payment methods with pan-European reach and universal acceptance in physical shops and online.

The study also found that users favour payment solutions that are convenient, fast and easy to use. Participants valued the possibility of instant and contactless person-to-person payments, regardless of the platform or device.

Respondents of a focus group wanted a “one-stop-solution” that would incorporate all the current payment options into one system.

“We want the digital euro to add value for end users and merit their confidence,” says ECB executive board member Fabio Panetta, chair of the High-Level Task Force on a digital euro. “A digital euro could enhance European payments by providing a universally accepted and secure solution that facilitates contactless and instant payments.”

The research highlighted safety and security as a concern, with respondents wanting guarantees against fraud and hacking and secure and reliable payment authentication methods.

According to the ECB, biometric methods – including involving iris scan technology – were “widely supported” by participants.

While participants had little knowledge of the digital euro, they generally agreed that banks and/or central banks would be the “safest and most reliable providers”.

They also expressed the view that a digital euro should not undermine cash.

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