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Published on December 03, 2024 07:08 GMT+00:00edited on December 03, 2024 07:09 GMT+00:00

The future of offline digital euro payments hangs in the balance as the ECB struggles to secure agreements with smartphone manufacturers.

The European Central Bank may drop offline digital euro payments if it can’t agree with smartphone makers on secure chip integration. In a digital euro progress report published on Dec. 2, the central bank has emphasized that secure elements — specialized hardware chips embedded in mobile devices — are essential to ensure offline transactions can be conducted safely and reliably.

The ECB detailed ongoing discussions with device makers and technical service providers to overcome the complexities of deploying offline digital euro solutions. However, without consensus on implementation, the project might eventually face potential delays or a complete …