The European Central Bank (ECB) has selected 36 payment service providers to participate in a pilot program testing the digital euro, with trials expected to begin in the second half of 2027.
The testing phase will involve major banks and payment companies, including Deutsche Bank, UniCredit, Revolut, Adyen, and Stripe.
ECB Executive Board Member Piero Cipollone said the strong interest from the private sector demonstrates readiness to move the project forward and strengthen Europe’s payment system, according to Euronews.
However, the digital euro cannot be introduced without legislative approval from the European Parliament and EU member states. Under the current timeline, approval is expected in 2027, while public use of the digital currency could begin in 2029.
The ECB emphasizes that the digital euro will not replace physical cash, but will serve as an additional payment option. It will be free of charge for citizens, will not generate interest, and will include limits on the amount users can hold.
ECB President Christine Lagarde stated that the project also aims to reduce Europe’s dependence on international payment networks and strengthen the European Union’s economic sovereignty.
