This system allows money to be stored directly on users’ devices, such as smartphonescards or other compatible devices taking advantage of their security elements. By settling payments locally between devices, the result is cash-like privacy as banks, payment service providers or central banks do not record any transaction details.
The development includes the design, definition and implementation of the component, as well as its integration into the global architecture of the digital euro.
In this way, the ECB takes a step forward to make the possibility of paying offline and without the intervention of third parties a reality, a key feature of the digital euro that would guarantee privacy and resilience, in the same way as cash. In fact, it has already defined it from the beginning as an essential criterion for data privacy and resilience, to guarantee payment experiences even in environments without an internet connection or without power supply.
