ECB Picks 36 Firms for Digital Euro Pilot Starting Late 2027
The tl;dr
The European Central Bank selected 36 payment providers to test a digital euro in a yearlong pilot beginning in late 2027. The test will include major players like Deutsche Bank and Revolut and cover online, offline, in-store, and e-commerce payments with central bank staff as initial users.
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30-day · delayedKey points
- The ECB chose 36 payment service providers from across the eurozone from over 50 applicants to participate in the digital euro beta test.
- The pilot will run for 12 months starting in the second half of 2027 and will test transactions across multiple channels: online, offline, in-store purchases, and e-commerce.
- Major financial firms including Deutsche Bank and fintech company Revolut were selected, along with payment processor Nexi, representing a mix of traditional banks and modern payment platforms.
- ECB and central bank staff will serve as the initial users during the pilot phase to validate the digital euro's technical functionality and user experience.
- This marks a major step toward potential issuance of a central bank digital currency (CBDC) for the eurozone.
By the numbers
The European Central Bank is moving forward with its long-running digital euro project by enlisting 36 payment providers to test a beta version over the next year. The pilot, set to launch in the second half of 2027, drew applications from more than 50 companies, demonstrating strong interest in participating. The final roster includes traditional banks like Deutsche Bank alongside newer fintech firms like Revolut and payment processor Nexi, spanning the diverse payment landscape across the eurozone.
The pilot will stress-test the digital euro across a range of real-world payment scenarios. ECB and central bank staff will conduct the initial transactions online, in physical stores, and through e-commerce channels to validate the system’s technical performance, security, and user experience. This hands-on testing phase is crucial before any broader public rollout, as it will help identify operational challenges and refine the infrastructure.
A digital euro represents a significant shift in how Europeans could transact with central bank money directly, bypassing traditional commercial banks for certain payments. For the ECB, it offers a policy tool to ensure the eurozone has a modern, public payment option as digital commerce accelerates and private cryptocurrencies gain adoption. The 12-month pilot will generate essential data on technical feasibility, user demand, and any risks to financial stability before the ECB decides whether to proceed to wider deployment.
The digital euro could reshape how Europeans pay and how central banks distribute money, potentially offering a public alternative to private payment systems and cryptocurrencies while increasing ECB control over transactions.
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