European citizens are comfortable with virtual and contactless payments, as the existing pandemic has made it the safest way to transact.
Christine Lagarde revealed that an increasing number of people in the EU are better suited to virtual and contactless payments. She is the former director of the International Monetary Foundation (IMF) and the current president of the European Central Bank (ECB).
According to the head of the ECB, the existing pandemic has seen consumers adopt virtual invoices in an unprecedented way, and the trend is accelerating. Lagarde made the revelation while speaking at the Deutsche Bundesbank online convention on banking and invoicing in the virtual world.
The ECB president also revealed that a panel of eurozone central bank officials would soon reveal its verdict on a European Central Bank (CBDC) virtual currency. “The coronavirus pandemic (COVID-19) has accelerated this trend towards digitization. which has continued to grow in recent years, grew nearly a fifth in terms of sales volume between February and June 2020, while sales in stores declined,” Lagarde said.
According to the ECB President, e-commerce sales rose almost 20% between February and June despite a 1. 2% drop in retail sales in the region, adding that the volume of online invoices had grown to a double-digit rate since the pandemic broke out this year.
The ECB is not the only monetary establishment to succeed in this conclusion. Last month, Singapore’s DBS Bank said the ongoing coronavirus pandemic had accelerated the transition to a company that relies less on money and more on virtual payments.
Lagarde admitted that Europe had fallen in terms of mastering bills globally. “The lack of integration of invoices in Europe means that foreign suppliers have taken the lead,” he added. As such, Lagarde is supporting the European umbrella bank, which is preparing a CBDC to facilitate the transition to digitisation. It also requires the region to adopt faster and less expensive cross-border invoices.
Lagarde is committed to ensuring that EU monetary establishments adapt to the monetary conversion environment through a more respectful adjustment of cryptocurrencies and said that the EU had not yet made a decision on whether to expand a virtual euro, as it is lately exploring the risks. benefits and demanding operational situations from the launch of a CBDC.
Finally, the ECB president revealed that the panel’s effects on the forward-looking effects of a virtual euro will be announced in the coming weeks.
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