How would payments with digital euros work?
Using the digital euro would be similar to withdrawing money from an ATM. But instead of holding physical banknotes, you would store the money in a digital wallet. You would open a digital euro wallet through your bank or another approved provider, transfer money from your bank account into the wallet. From there, you could make instant payments across the euro area, even if you are offline.
Imagine you are in Lisbon and want to buy a coffee. You open your digital euro wallet and tap your phone on the payment terminal. Within seconds, the digital euros move directly from your wallet to the café’s account, much like handing over cash – but in electronic form. Let’s say later in the day you order dinner online and pay with digital euros. In this case, your account would be debited only when your meal arrives.
“In practice, the digital euro would mean instant payments everywhere – from cafés to mobility providers or even from person to person– without needing multiple payment apps,” explains Zarpala. “It would also allow conditional payments upon delivery, automatic digital receipts, and offer simple, secure wallets for children, students or people without a traditional bank account.”
