The European Central Bank has signed agreements with three standard organizations to reduce the access costs of the digital euro

The European Central Bank (ECB) has signed agreements with European Card Payment Cooperation, Nexo Standards, and Berlin Group to reuse existing open payment standards for digital euro transactions, aiming to reduce the system access costs for banks, merchants, and payment service providers.

The relevant standards cover contactless payments, connections between merchants and payment service providers, as well as alias payments based on mobile phone numbers. The European Central Bank stated that this move helps to reduce market adoption costs and promotes a unified digital euro user experience in the euro area. Previously, the European Central Bank analyzed that the digital euro could bring about 4 billion to 6 billion euros in costs to EU banks within 4 years.