The new service will be available to both consumers and businesses across the 19 states in the eurozone and will offer near real-time payments via smartphones, PCs and in-store payment points.
The initative has been sparked by the growing popularity of digital, contactless payment services offered by big tech firms such as Apple, Google, Amazon and Alibaba in China.
“Banks in the eurozone are under pressure” from tech rivals, said Marc Bayle de Jesse, head of market infrastructure and payments at the ECB.”TIPS is a way for them to not give up the game to these digital players.”
