(de-news.net) – The introduction of a digital euro as an electronic counterpart to traditional cash has been welcomed by German consumer associations, provided that its design ensures user-friendliness, robust security, and strong safeguards for data protection. Ramona Pop, head of the Federation of German Consumer Organizations (VZBV), reportedly underlined that such a currency could strengthen Europe’s autonomy in the field of payment systems, particularly by reducing reliance on non-European service providers. She linked her endorsement to specific conditions, noting that the digital euro should be made freely accessible both online and offline, serve as a complement rather than a substitute for physical currency, and allow consumers to retain the freedom to choose between digital and cash-based transactions.
The cash initiative, which seeks to establish electronic central bank money equivalent in status to coins and banknotes and usable across the entire eurozone, is said to be under active development by the European Central Bank, national central banks, and EU legislators. Observers explained that the project represents a strategic response to Europe’s growing dependence on payment platforms such as PayPal, Visa, and Mastercard, as well as to the rapid expansion of electronic payment practices. Those involved in the project rejected criticisms suggesting that the digital euro would lead to a gradual abolition of cash. Current planning documents indicated that the new currency could be introduced as early as 2029.
At the same time, German banks reportedly intensified their criticism of the proposal. Ulrich Reuter, president of the German Savings Banks Association, characterized the initiative as a politically charged undertaking that offered numerous promises but little tangible impact. He described it as bureaucratically overloaded, functionally unclear, and burdened with significant financial risks, thereby raising doubts about its overall feasibility.
Conversely, Dorothea Mohn, a financial market expert at the VZBV, emphasized that the digital euro could indeed represent an opportunity for greater independence in European payment systems, but only if consumers were willing to adopt it. She argued that such acceptance would require strict adherence to high standards of data protection, ease of use, security, reliability, and cost-free availability both online and offline throughout the eurozone. In her view, the digital euro should successfully transfer essential qualities of cash into the digital sphere in order to provide genuine advantages for everyday transactions.
Evidence from a representative survey conducted by the European Consumer Organisation (BEUC) together with partner institutions across ten eurozone countries suggested that consumer expectations were closely aligned with these conditions. Respondents indicated that the adoption of a new digital payment system would depend above all on its perceived security and reliability (55 percent). Ease of use was considered nearly as important (53 percent), while affordability – expressed through low or no transaction fees – was highlighted by 49 percent of participants as a decisive factor in determining whether such a system would gain widespread acceptance.
