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News
New EU project NGI TALER will bring private and secure online
payments to the Eurozone
We are excited to announce the creation of a European project
December 1st 2023, which will run for the next 36 months. This Next
Generation Internet pilot named "NGI TALER" is operated by a
consortium of 11 partners from 8 European countries with the mandate
to roll out an innovative electronic payment system for the greater
benefit of European citizens, merchants, and banks. This payment
system is different from current online payment methods, like credit
cards or bank transfers, in that it offers privacy for the buyer:
neither merchants nor banks can trace or link the payments. It is
also a no-risk payment option for the merchant as there is no
equivalent of fake or stolen credit cards, as payments are cleared
and confirmed instantly. The payment system is socially, ecologically
and fiscally responsible: it is not a new currency, there is no
energy-consuming proof-of-work or proof-of-stake method and clearing
is processed much faster than payments by credit cards. NGI TALER
enforces transparency on the merchants so that states ensure that
businesses can be held accountable for their income and pay their
taxes.
NGI TALER is funded as a pilot under the Next Generation Internet
(NGI) initiative within the European Commission's Horizon Europe
research funding program. This project is based on the free software
GNU Taler which has been developed by the GNU community and Taler
Systems S.A., and which has received wide praise from financial
experts including experts from several central banks - including the
Swiss National Bank (SNB). The goal is to make GNU Taler available as
payment system via two European banks - GLS Bank (Germany) and MagNet
Bank (Hungary). NGI TALER's ambition is to reach the European market
during the project period and have the payment mechanism accepted and
widely adopted by the end of the project.
Under the hood, GNU Taler deploys state-of-the-art cryptography to
achieve these features. The initial investment into the required
infrastructure is low and the payment mechanism operates more cost
efficiently than existing payment solutions, with lower transaction
fees - a benefit that will be shared by consumers and merchants. This
makes even micro-payments possible, creating an interesting and
privacy preserving alternative to subscription- or
advertisement-based revenue for newspapers and other publishers.
NGI TALER is coordinated by the Coding Theory and Cryptology group at
Eindhoven University of Technology and has 10 more partners:
* Bern University of Applied Sciences (BFH),
* small for-profit (Code Blau GmbH, Taler Systems S.A.,
VisualVest),
* non-profit structures (petites singularites, E-Seniors
Association),
* cooperative banks (GLS Bank, MagNet Bank),
* a philanthropic organization (Stichting NLnet) and
* a grassroots movement (Homo Digitalis).
For more information see the project's webpage at https://
www.taler.net/en/ngi-taler.html or contact the coordinator Tanja
Lange.
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