The European Central Bank has chosen 36 payment service providers to collaborate on a beta digital euro, set to begin real-world testing in 2027.
This initiative follows the submission of over 50 applications from various banks, fintechs, and payment processors. Notable participants include Deutsche Bank, UniCredit, Revolut, and Stripe.
The pilot program aims to explore both online and offline person-to-person payments, alongside transactions in physical stores and e-commerce platforms. Importantly, the beta version of the digital euro will not possess legal-tender status, nor does it imply a definitive decision to launch the currency.
Technical development for the pilot is slated to kick off in the third quarter of 2026. Providers will need to connect to the Digital Euro Service Platform, establish the necessary payment functions, and complete user onboarding before testing starts.
Of the 36 selected providers, some will function solely as distributing entities while others will take on acquiring roles as well. Distributing providers will offer eligible users access to digital euro services, including account setup and payment initiation.
The diversity among participants highlights the ECB's intent to ensure that a digital euro is accessible through various channels, rather than relying on a single ECB-controlled platform. ECB Executive Board member Piero Cipollone emphasized the strong market interest shown by the private sector in advancing the digital euro project.
This material is informational and not financial advice.
