The European Central Bank is placing growing emphasis on the idea that the digital euro is not merely a new means of payment, but could also serve as a common European payments infrastructure. Financial institutions and other market participants could build additional services, innovations, and business models on top of this shared infrastructure. At the same time, the themes of European financial sovereignty and competitiveness are becoming increasingly prominent.
The emerging model is not designed to displace existing market-based payment solutions. On the contrary, banks and other payment service providers would be able to develop their own customer experiences and value-added services on top of the common infrastructure. In this way, the digital euro could become a foundational digital layer that supports innovation while creating new business opportunities across the European payments ecosystem.
Despite the rapid digitalization of payments, cash continues to play a significant role. According to the ECB’s latest survey, 92% of physical points of sale across the euro area still accept cash, while the acceptance of mobile payments increased from 36% to 68% between 2024 and 2026. This suggests that the future payments landscape will likely be based on the coexistence of multiple payment methods.
For Hungary, the Instant Payment System, qvik, and a range of advanced digital payment services provide a strong foundation. Domestic infrastructures, service-provider capabilities, and accumulated development experience create an opportunity for Hungary not only to adapt to the evolving European payments environment, but also to play an active role in shaping its future development.
Preparing for the digital euro is therefore not only a regulatory and technological challenge, but also a significant opportunity for innovation and competitiveness. The strategic question is how effectively the preparation period can be used to further strengthen Hungary’s payments ecosystem, as well as the capabilities of its financial and technology service providers.
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