European payments, strategic autonomy and the challenge of the digital euro

Digital payments and European sovereignty: what is really changing

The project of a digital euro was born within a broader transformation of payments in Europe. Over the past two decades, the use of cash has declined, while electronic and digital payments have become central to the daily lives of citizens and businesses. At the same time, a significant share of European transactions still relies on non‑EU infrastructures, a factor that has fuelled the debate on strategic autonomy in the payments domain. It is in this context that the European Central Bank launched, starting in 2020, a structured reflection on a retail central bank digital currency. After a phase of research and stakeholder engagement, the ECB initiated in 2023 a technical and regulatory preparation phase, clarifying a key point: the potential issuance of the digital euro is not merely a technical decision, but one that requires a legislative framework and broad political and social consensus. For the ECB, the goal is not to follow a technological trend, but to respond to structural changes in payment behaviour and preserve the role of public money in the digital age.

Digital euro: complement or revolution in payments?

In the ECB’s positioning, the digital euro is conceived as a complement — not a replacement — to existing payment systems. Cash, bank transfers, cards and innovative private solutions remain essential components of the ecosystem, expected to coexist and compete. The digital euro would offer a form of central bank money usable in digital environments, both online and offline, with high levels of security and privacy protection. The ECB stresses that it is not intended to become an investment or savings instrument, precisely to avoid distortive effects on the banking system. In this vision, the digital euro would strengthen the resilience of European payments by providing a reliable and interoperable public option, capable of complementing private solutions and reducing structural dependence on non‑European infrastructures, without stifling market innovation.

From idea to implementation: how industry players are building the system

In this scenario, the role of European payment operators is crucial, and Nexi stands as one of the key actors ensuring that the digital euro benefits the entire ecosystem. As a major pan‑European player, Nexi can contribute industrial expertise, technological capabilities and a deep understanding of the needs of merchants, banks and consumers. Its contribution is not only infrastructural but also one of balance: integrating the digital euro effectively into existing solutions, avoiding duplication and complexity, and ensuring a simple and inclusive user experience. Moreover, Nexi can act as a bridge between public institutions and the market, translating the project’s objectives into concrete, accessible and user‑friendly solutions.