The European Central Bank selects 36 payment service providers to participate in the digital euro pilot program

Deep Tide TechFlow message: On July 14, the European Central Bank announced the selection of 36 payment service providers to participate in the digital euro pilot. The initiative will cover both banks and non-bank institutions, spanning multiple countries in the euro area and a range of business models. The pilot is scheduled to begin in the second half of 2027, lasting 12 months. It will primarily be used to test the digital euro’s technical functions, operational procedures, and user experience, as part of preparations for potential issuance of a digital euro. This pilot will use a test version of the digital euro close to the concept outlined in the draft legislation, but it will not have the status of legal tender.

After the ECB issued a call for expressions of interest to euro-area payment service providers (PSPs) in March 2026, more than 50 applications were received. Ultimately, 36 PSPs from multiple member states were selected to participate, including Deutsche Bank, Adyen, Revolut Bank, Stripe Technology Europe, Worldline, and others. The ECB said that if the EU passes digital euro legislation in 2026, the goal is to be ready to support the first issuance of a digital euro by 2029, and whether a formal issuance will take place will be determined later.