ECB selects 36 payment providers for digital euro pilot as project advances
The European Central Bank has selected 36 payment service providers to help test the digital euro in a year-long pilot starting in 2027, marking the latest milestone in the EU's effort to create a digital form of central bank money while reducing reliance on foreign payment networks.
The European Central Bank announced it had selected 36 payment service providers to help test the digital euro. The chosen providers will take part in a year-long pilot programme beginning in 2027.
The step marks one of the most concrete stages yet in the EU's multi-year effort to create its own digital form of central bank money. The project also aims to reduce Europe's reliance on foreign networks within its payment infrastructure.
Details on the pilot's scope and the selected providers' roles are expected to be clarified in the coming period. ECB officials say the final decision on rolling out the digital euro will depend on the pilot's results.
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