European Banks Challenge Digital Euro Plan as ECB Targets 2029 Debut

Overview

• The European Payments Initiative sent a sharply worded letter to EU lawmakers arguing the digital euro lacks clear added value and could crowd out private offerings such as its Wero service.
• EPI objected to granting legal‑tender status and criticized what it called an overly complex, costly design that would create an uneven playing field for commercial providers.
• The consortium urged policymakers to back European private solutions, including a requirement that merchants accept at least one EU instant‑payment option.
• The Eurosystem is preparing a pilot after 2027 with experts expecting legislation to conclude in 2026, and the Bundesbank says a public launch would be possible no earlier than 2029.
• Wero reports about 45 million users for person‑to‑person payments in Belgium, France and Germany, but its merchant rollout slipped past summer 2025; Eventim now accepts Wero via QR code, reportedly limited to Sparkassen and VR‑Bank customers, and additional partners are slated to be announced in two weeks with names mentioned in media reports not yet confirmed.