ECB Selects 36 Providers for Digital Euro Pilot

The European Central Bank has selected 36 payment service providers for a large-scale digital euro pilot scheduled to begin in the second half of 2027. The 12-month exercise will involve the ECB, 19 national central banks from the euro area, and a range of banks and payment companies, including Deutsche Bank, UniCredit, Revolut, Adyen, and Stripe.

Participants were chosen from more than 50 applicants. They will test the proposed digital euro’s technical infrastructure, operational arrangements, and user experience. The pilot is expected to cover person-to-person and consumer-to-business payments in both online and offline settings.

The testing phase does not mean that a digital euro has been approved or will be issued. The ECB can issue it only after EU legislators adopt the proposed digital euro regulation. Negotiations between the European Parliament, the Council, and the Commission therefore remain the decisive step. Current planning anticipates legislative approval in 2027 and a possible public launch in 2029, subject to the legislative timetable.

Under the current design, consumers would access the digital euro free of charge through supervised payment service providers. It would not bear interest, and individual holdings may be capped to limit risks of substantial deposit outflows from commercial banks. The ECB also maintains that the digital euro would complement cash, not replace it, while supporting European payment resilience and reducing dependence on non-European payment networks.