36 payment firms for the digital euro - The pilot project starts in the second half of 2027 and will last 12 months
The European Central Bank has selected 36 payment service providers, including some of the eurozone’s largest financial firms, to join a pilot program for its digital euro project. The ECB has been working on a digital euro for years, in part to wean the bloc away from U.S.-based payment providers, and hopes for the first issuance in 2029, provided long-delayed legislation comes into force by the end of this year.
The pilot program, expected to start in the second half of 2027, will last 12 months and will test the technical functionality and operational processes of the digital euro, as well as be used to improve the user experience.
More than 50 companies applied to participate in the pilot project and the 36 selected firms include well-known names such as Deutsche Bank and UniCredit, as well as fast-growing digital banks such as Revolut.
The pilot programme will be run at the ECB and 19 of the 21 eurozone central banks, with Bulgaria and Malta absent. “The pilot project will be joined by staff from the ECB and participating national central banks, as well as e-commerce traders and those providing day-to-day services on their premises,” the ECB said.
"Staff at participating central banks will have the ability to conduct person-to-person and person-to-business digital payments in euros," the ECB added.
The pilot project will use a beta version of the digital euro. It will be functionally and technically similar to the digital euro, but will not have the status of legal tender.
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