数字欧元在支付生态系统中的适用性

Report on the dedicated Euro RetailPayments Board (ERPB) technicalworkstream Contents 1Executive summary22Background, objectives and structure of the report53Competition103.1Benefiting from the digital euro without diminishing domestic orregional European schemes103.2Enhancing competition with global digital wallets and X-Pays144Synergies194.1Staggered roll-out approach with the objective of achieving quickwins first194.2How and where to join forces to establish a Europeanacceptance network and to reuse existing standards,implementations and processes224.3Integrating the digital euro in European payment solutions with adigital euro app as a necessary fall-back254.4Assessing co-badging, to be available if and when needed285Business model305.1Calibrating a compensation model that compensates effort andliability305.2Practical solutions to avoid unintended consequences of openfunding335.3What is needed to facilitate “digital euro as a service” – enablinga “make-or-buy” decision356Resilience and transparency386.1Ensuring the resilience of the payment system386.2Fee reporting – reducing complexity for merchants417Digital financial inclusion, privacy and fraud prevention437.1Digital financial inclusion437.2Privacy and fraud prevention468Areas for further exploration499Annexes51 1Executive summary Transparency and collaboration with stakeholders are a cornerstone of thedigital euro project.The Eurosystem has engaged market stakeholders closelyfrom the start through Euro Retail Payments Board (ERPB) technical sessions ondigital euro. With the knowledge of market experts and practitioners, from both thesupply and demand side of the retail payments market, the European Central Bank(ECB) is convinced that it will be able to design a digital euro that addresses andbalances the needs and preferences of its different stakeholders. The “Fit of the digital euro in thepayment ecosystem” workstreamwas launched to explore thebenefits and potential challenges ofintroducing the digital euro into thecurrent and future paymentlandscape. Not all market stakeholders reached consensus on the topics and argumentsproposed by the ECB that were discussed during the technical sessions. There werealso disagreements between the different stakeholder groups themselves. Thisdocument reflects the ECB’s perspective throughout and specifically highlightsdiverging opinions from stakeholder groups where they were raised. As it was notpossible to incorporate all comments into this document, the ECB has prioritised themost significant ones. All original feedback provided by stakeholders can be found inthe annex section of this report:Written feedback provided by market stakeholders. A fundamental policy objective of the digital euro is to serve as a “digitalbanknote” – essentially a digital version of cash – that will complement theexisting payment landscape, co-existing with both cash and private sectorsolutions.This objective makes the digital euro’s “fit in the payment ecosystem” akey topic for policymakers, lawmakers and market stakeholders alike. The ECBtherefore engaged extensively with market stakeholders from the third quarter of2024 to the third quarter of 2025 under the umbrella of the “fit of the digital euro inthe payment ecosystem” workstream through the ERPB technical sessions on thedigital euro. This engagement was tailored to each group of ERPB stakeholders: (i)bank and non-bank payment service providers (PSPs), (ii) merchants, and (iii)consumers, involving twelve associations and more than thirty participants.1 This report focuses on the outcomes of this work, on how the digital euro fitsinto the payment ecosystem and on how it can co-exist with private sectorsolutions and cash. It also summarises the themes discussed during thesessions, points out potential benefits and challenges identified withstakeholders, and recommends topics for further public-private collaborationto maximise benefits and mitigate risks.Some of these topics lie fully within theremit of the Eurosystem, while for others the report might provide input for the co-legislators to take into consideration. For all recommendations, the key policyobjectives of a digital euro have been considered. The Eurosystem believes that the digital euro offers potential advantages,which have been acknowledged by all market stakeholders, albeit withdiffering levels of consensus and support. While merchants and consumers generally perceive significant benefits, provided certain requirements are met,the banking sector has expressed more doubts regarding its advantages.Thefollowing advantages stand out: •The digital euro presents an opportunity to enhance competitiveness in theEuropean payment landscape by strengthening the negotiation position ofEuropean PSP and merchants. PSPs highlighted that such benefits might belimited. •By making use of open digital euro standards, PSPs and account-to-account(A2A) schemes can voluntarily integrate the digital euro into their payment