The European Central Bank published the Eurosystem’s comprehensive payments strategy, setting out its approach to how Europe’s payments should evolve amid rapid technological change. The strategy complements the Eurosystem’s cash strategy and expands its existing retail payments strategy by also covering wholesale, business-to-business and cross-border payments, while emphasising that central bank money should remain the anchor of trust and stability. Four strategic aims underpin the framework: preserving the key role of central bank money in retail and wholesale markets to support monetary policy effectiveness, financial stability and smooth payment system functioning; strengthening the robustness and autonomy of Europe’s payment system; promoting more integrated, innovative and competitive payments for people and businesses; and supporting the international role of the euro. On tokenisation, the strategy sets out a position on tokenised settlement assets, stating that wholesale settlement should remain centred on central bank money, complemented by EU-governed, euro-denominated tokenised deposits and stablecoins that are properly designed and regulated. It also calls for standardisation, automation and process integration in business-to-business payments, and highlights the digital euro’s potential role in fostering pan-European private retail payment solutions. The framework consolidates key Eurosystem initiatives, including the digital euro, Pontes, Appia and cross-border payments enhancements, and notes parallel work to keep euro cash widely available, including development of a new series of euro banknotes and support for legal initiatives reinforcing cash as legal tender. The Eurosystem will continue monitoring market and technological developments and adjust the strategy where needed.
European Central Bank 2026-03-31
European Central Bank publishes comprehensive payments strategy spanning retail, wholesale, business-to-business and cross-border payments
The European Central Bank published the Eurosystem’s comprehensive payments strategy, outlining its vision for retail, wholesale, business-to-business and cross-border payments while reaffirming central bank money as the anchor of trust and stability. The framework focuses on preserving the role of central bank money, strengthening the robustness and autonomy of Europe’s payment system, promoting integrated and innovative payments, and supporting the international role of the euro, including keeping wholesale settlement centred on central bank money complemented by EU-governed, euro-denominated tokenised deposits and stablecoins. It consolidates key initiatives such as the digital euro, Pontes, Appia and cross-border enhancements, and work to maintain euro cash availability and develop new banknotes.