Revolut, Deutsche Bank, Stripe and other payment providers will help the ECB test a beta digital euro in shops and online purchases.
The European Central Bank has selected 36 banks and payment companies for a year-long digital euro pilot due to begin in 2027.
The group includes some of Europe’s biggest banks and payment firms, among them Deutsche Bank, Revolut Bank, UniCredit, Stripe, and others, according to the ECB’s Tuesday announcement.
The central bank said it picked the participants from more than 50 applicants after opening the process in March, suggesting there was fairly strong interest from the payments industry.
The pilot is expected to start in the second half of 2027 and run for 12 months. The selected companies will begin preparing their systems in Q3 of this year.
NFT Support and Online Payments
The pilot will use a beta version of the digital euro that should work much like the currency outlined in draft European legislation.
However, it won’t be legal tender, and the test still doesn’t mean the ECB has decided to launch a digital euro. Participation will be limited to staff at the ECB and national central banks, along with a group of selected merchants.
Central bank employees will be able to send digital euros to one another, including while offline, and use them at cafeterias, restaurants, physical shops and online stores, the announcement reads.
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The ECB also plans to test offline transfers by having two people tap their phones together using near-field communication (NFC).
Some of the 36 providers will open beta digital euro accounts and offer payment services to users. Others will help merchants accept the payments, while several companies will handle both sides.
Where the Digital Euro Will Be Tested
The trial, according to the announcement, will run through the ECB and 19 national central banks across the euro area, including those in Germany, France, Italy, Spain, the Netherlands, Ireland, Austria, Portugal, Greece and Finland.
Providers may also be able to offer pilot services outside the country where they are based, although the final locations haven’y yet been settled.
The ECB still aims to be technically ready for a possible digital euro launch in 2029, assuming European lawmakers approve the required legislation in 2026.
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