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“There is no doubt that even in Europe, Italy lags far behind other countries. Digital Payments By 2023, Italy will have around 220 digital payments per inhabitant per year, a little more than half the European average of around 400 digital payments per inhabitant per year. Compared to the European average, the gap is around 45%, but this gap is narrowing“. – As Chiara ScottiThe Deputy Governor of the Bank of Italy spoke this morning at the opening of the first “Digital Payments”24 Ore Sole Payment Summitthe event is still ongoing at Quotidiano’s Milan headquarters.In fact, in 2018 – Scotty continues – The gap is about 57%. These operations using digital electronic instruments are increasing.
Last year, despite the slowdown in the economic cycle, significant growth was expected. The figures for the first quarter of this year are also confirmed. Therefore, these data show us that Italy is catching up, probably because Italian consumers are now increasingly attracted by the convenience of paying with digital tools. This is a gradual growth that had already started before the pandemic, and as we all know, the spread of the coronavirus in 2020 and the containment measures have obviously led to the acceleration of these trends.
How can we further fill the gap? Well, obviously by providing the right tools to meet the growing needs of citizens facing digital payment solutions. Let’s think about e.g. The evolution of payment cardstheir development and market integration, Of course, it has to do with technological innovations that facilitate contactless operation or access via smartphone apps. We all use it now, let’s think about it E-commercewhich is also a growing market in our country, plays a fundamental role in promoting the use of payment methods other than cash. In addition to this, Italy has developed specific interventions aimed at encouraging the use of electronic tools at the point of sale. From a point of view, also The digital euro project will make a decisive contribution to the digitalization of payments.”
“Digital Euro: We are working with central banks to prepare it”
“About the Digital Euro The process has already begun. The digital euro is a digital version of cash issued and guaranteed by the Eurosystem, but better adapted to this digital world we are talking about. The digital euro will be combined with cash, coins and banknotes that we use regularly every day, and it will be free and available to citizens, just like coins and banknotes, and easy to use even without internet contact; it will be secure, focusing on confidentiality, since their system will not be able to trace the identity of citizens from payments. It will also be an inclusive tool, since it will allow digital payments even to those who are currently excluded from the financial systemAs Chiara ScottiThe Deputy Governor of the Bank of Italy spoke this morning at the opening of the first “Digital Payments”24 Ore Sole Payment Summitwhich is still taking place at Quotidiano’s Milan headquarters.
“However, this is a long and arduous project. – Scotty explains – In fact, 2020 has already begun a phase that will allow us to conduct in-depth analyses, carry out experiments, consult with stakeholders such as citizens, banks, various institutions, etc., to ensure that the digital euro meets the needs of the people. The highest standards of quality, security and usability. The launch of the preparatory phase is an important step, but it does not require the ECB Governing Council to take any decision on the issuance of a digital euro. In fact, a decision can only be made after the relevant regulatory framework has been adopted, Well Many central banks have begun to consider the idea of issuing retail digital currencies alongside cash. This will allow us to honor user preferences.
What are the benefits of a digital euro? All citizens will benefit from an additional payment option that is free, secure and universally accepted in the region. Central banks can protect the public interest in the value of money by maintaining monetary sovereignty, the integrity and reliability of the payment system, and financial stability. But the design of the digital euro we are studying will also have Supporting the banking industry in developing new servicesstrengthen relationships with customers and face with greater enthusiasm the competitive challenges brought about by the entry of many modern technology operators into the payment market.
I repeat, no firm decision has yet been taken on the introduction of a digital euro and any decision in this regard will be taken after the completion of the regulatory process initiated by the legislative proposals prepared by the European Commission.
The Eurosystem has been working intensively for some time to prepare for the decision by European lawmakers as the central bank to give the green light to the projectOur core goal is naturally to create a strong public currency designed to provide security to citizens and to allow the financial world to continue to rely on some kind of stable monetary anchor.”
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