Digital euro pilot selects 36 providers, set to start in 2027

The European Central Bank has taken a major step toward the digital euro by selecting 36 payment service providers to participate in a pilot program starting in the second half of 2027. Source: elmundoesSource: euronewses

The pilot

The pilot will last 12 months and involve 19 eurozone central banks, excluding Bulgaria and Malta. Source: euronewses Only employees of these central banks will initially use the digital euro beta version for payments in cafes, restaurants, and person-to-person transactions, both online and offline. Source: elmundoes The beta version will not have legal tender status. Source: elmundoes Key participants include major financial firms such as Deutsche Bank, UniCredit, Revolut, Adyen, Stripe, and a Spanish alliance of Abanca, Ibercaja, Unicaja, Cecabank, Bizum, and Deloitte. Source: elmundoesSource: euronewses

Piero Cipollone, ECB Executive Board member, stated: "The strong market interest in the pilot shows the private sector's willingness to actively engage and move forward quickly." Source: euronewses

Next steps

The pilot's success is contingent on legislative approval from the European Parliament and Council. The ECB has stressed it cannot issue the digital euro without a legal basis. Final approval is expected in 2027, with a public launch potentially in 2029. The digital euro would be free for consumers, non-interest-bearing, and subject to holding limits to protect bank deposits.