Digital euro: European Parliament votes to give consumers more protections

The European Parliament voted today to give consumers more protection when using the future digital euro or cash.

According to the Parliament, consumers would get basic digital euro services from their bank (or a public entity) for free, including a payment card, which is the preferred payment method for adults as our survey has shown. The Parliament also voted for stronger privacy safeguards, plus better protection when a digital euro payment goes wrong.

The vote would also mean improved access and acceptance of physical cash in future, ruling out unilateral exclusions by merchants.

Agustín Reyna, Director General of BEUC, commented: “We welcome that the European Parliament has given consumers more protections when using the digital euro. This is key to consumer take-up, as consumers really value it being secure and free to use. For those that prefer to keep using cash, they would still be able to do so, and merchants would not be able to refuse it.

“In times where cash is becoming less available with bank branches closing across Europe this is a strong signal that both the availability and acceptability of cash are essential for many people to participate in the economy.  

“Now it’s time for national governments to be equally ambitious and give consumers the confidence they need to use the digital euro while preserving cash.”

Background: 
The digital euro, if issued by the European Central Bank, would offer a public digital payment method for the euro area, alongside physical cash. After this vote, the European Parliament will now need to agree on the Single Currency Package with the Council before it can become law.

Consumer survey: Free, easy, and secure - what consumers expect from the digital euro.
Factsheet: The importance of inclusive payment methods.