It's not clear to me that it replaces Visa/Mastercard. If you have a problem with a vendor and you've paid by card, you have a chargeback as a last resort. Not so with cash or a CBDC.
Credit cards often can, though European banks I've used don't do them as willy-nilly as American banks.
With debit cards, charge backs are practically impossible unless payments were done in a very specific way that does not directly prove your authorization.
Credit cards often have them, but subject to stricter terms than their American counterparts.
I don't think I've seen a European debit card that offers charge back. You can often get your money back in case of fraud or timely-reported theft of your bank cards, but it's not easy.
- a central bank digital currency, and
- a system for transferring this currency between people and businesses
https://www.ecb.europa.eu/euro/digital_euro/html/index.en.ht...
It's not clear to me that it replaces Visa/Mastercard. If you have a problem with a vendor and you've paid by card, you have a chargeback as a last resort. Not so with cash or a CBDC.