ECB picks 36 payment providers to test digital euro ahead of 2027 pilot
The European Central Bank will beta test a digital euro with 36 providers, including Revolut, after the project drew more than 50 applications.
The European Central Bank has selected 36 payment service providers to participate in beta testing for a digital euro, moving the project closer to a planned 2027 pilot launch. The selection process drew more than 50 applications, with the final cohort including prominent fintech firm Revolut alongside established financial institutions. The chosen providers will work directly with the ECB to test core infrastructure and transaction capabilities ahead of any broader rollout.
The digital euro initiative has been under development for several years as part of the ECB's broader effort to modernize the eurozone's payment landscape and maintain monetary sovereignty in an increasingly digital financial environment. Central bank digital currencies, or CBDCs, have gained traction among major economies worldwide, with institutions seeking to offer state-backed digital alternatives to private cryptocurrencies and commercial payment platforms.
The inclusion of a diverse range of providers signals the ECB's intent to build a competitive and interoperable ecosystem rather than relying on a single dominant payment network. For the payments industry, participation in the testing phase represents an early opportunity to shape technical standards and gain positioning ahead of what could become a widely adopted retail payment instrument across the 20-member eurozone.
The 2027 pilot remains contingent on legislative approval from European Union lawmakers, who are still deliberating on the legal framework governing the digital euro. Progress in the coming months on both the regulatory and technical fronts will be closely watched by market participants.
Source: Cointelegraph
