ECB selects 36 payment service providers to join digital euro pilot
The European Central Bank (ECB) has selected 36 payment service providers (PSPs) from across the euro area to participate in a digital euro pilot exercise. The pilot, scheduled to start in the second half of 2027 and last 12 months, will test the digital euro's technical functionality, operational processes, and user experience. Over 50 applications were received from banks and non-bank providers, reflecting strong market interest. Selected participants span diverse business models, sizes, and geographical coverage. The pilot will use a beta version of the digital euro without legal tender status. It will involve ECB and 19 national central banks, with staff testing person-to-person and person-to-business payments both online and offline. The initiative supports preparatory work for a potential digital euro issuance, aiming to strengthen the European payments landscape.
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