ECB finalized technology standards to enable a digital euro by 2029, aiming to dismantle US payment giants Visa and Mastercard’s 66% control of Eurozone card transactions. The central bank signed agreements with three domestic entities to ensure seamless cross-border payments once the euro becomes legal tender alongside cash. This move targets the current reliance on US-dominated systems like EMVCo, which charges fees for proprietary standards.

The ECPC’s open protocols—already adopted by Germany’s Girocard and France’s Carte Bancaire—will offer a fee-free alternative, directly competing with Wero and other private initiatives. Critics, including European Parliament lawmakers and major banks, question the necessity of a digital euro, arguing it risks stifling innovation. Legislation must pass the EU Parliament this summer before member-state negotiations begin.

If approved, the digital euro could reshape Europe’s payment landscape by 2027.