The European Central Bank has chosen 36 payment service providers, including fintech giants and traditional banks, to test the digital euro ahead of a planned pilot in 2027.
The European Central Bank (ECB) has selected 36 key players from across Europe to participate in beta testing for its digital euro. This move marks an important step as the ECB transitions the project from planning stages into active development, with a focus on real-world applications through these providers.
Among those chosen are well-known fintech firms like Stripe and Revolut, alongside traditional banks such as Deutsche Bank, UniCredit, and BPCE. The inclusion of both established financial institutions and innovative tech companies reflects the ECB's aim to gather diverse insights during this crucial testing phase.
The selection process began earlier in the year with over 50 applications from payment companies after a call for interest was issued in March 2026. Italy leads the list with seven participants, while Germany follows closely with five selected providers. This mix of countries ensures that various market conditions and regulatory environments are represented during testing.
Piero Cipollone, an ECB Executive Board member who chairs the high-level task force on a digital euro, expressed optimism about private-sector interest in developing this new form of currency. He highlighted the potential for deeper cooperation with payment providers as they help shape the future of financial services.
The pilot will involve 19 European central banks and a range of merchants testing the system before any token issuance. Selected companies will have different roles, from supporting user access to beta digital euro services to helping merchants accept payments. This diverse engagement is expected to provide valuable feedback for refining the technology and its use cases.
This development highlights Europe's commitment to exploring CBDCs while other regions like the US take a more restrictive approach by blocking federal issuance of a similar currency. The ECB’s push forward with this pilot underscores its ambition in digital finance, potentially setting new standards that could influence global financial systems.
Source: Cointelegraph. Summarized and rewritten by the Vexoda Newsroom. This is market news, not financial advice.