The European Central Bank (ECB) has selected 36 payment service providers to take part in a digital euro pilot, moving the project from legislative debate towards technical testing with banks, fintechs and merchants across the euro area.
Revolut, Stripe Among Firms Selected To Test the Digital Euro
14 July 2026 - 18:04 CEST
By Matt Neill
The pilot is due to start in the second half of 2027 and run for 12 months, the ECB said on 14 Jul. It will use a testing version of the digital euro that is functionally and technically close to the model set out in draft legislation, but will not have legal tender status.
The selected firms include banks and non-bank payment providers such as Deutsche Bank, UniCredit, Adyen, Revolut Bank, Stripe Technology Europe, SumUp, Worldline, Nexi and Satispay. The ECB said it received more than 50 applications after opening expressions of interest in March.
Some participants are already active in digital assets. Revolut, for instance, offers crypto trading, while Stripe and Worldline provide infrastructure for stablecoin and crypto payments.
The ECB's move also highlights a widening transatlantic divide over central bank digital currencies. The US on 11 Jul enacted legislation barring the Federal Reserve from issuing a digital dollar until the end of 2030. The restriction, which became law as part of the 21st Century ROAD to Housing Act, contrasts with the ECB's continued preparations for a potential digital euro, which could be issued in 2029.
China is also expanding its digital-yuan programme, adding 12 banks as authorised operators in April and bringing the total to 22, according to Reuters. The move broadened the network of institutions able to distribute and support the e-CNY as Beijing seeks to increase its use.
Pilot moves project forward
The selection comes days after the European Parliament cleared the way for talks with EU governments on the digital euro, giving the project fresh political momentum.
The digital euro would be an electronic form of central bank money issued by the ECB. It is designed to work alongside cash and commercial bank money, not replace them, and would support online and offline payments.
The pilot will test technical functionality, operational processes and user experience before any decision on issuance. Some firms will act as distributing payment service providers, giving central bank staff access to digital euro accounts and payment tools. Others will act as acquiring providers, allowing selected merchants to receive digital euro payments.
The test will involve staff from the ECB and 19 national central banks, as well as e-commerce merchants and businesses offering everyday services such as cafeterias and restaurants. Payments will include person-to-person transactions and person-to-business payments at physical points of sale, through mobile payments and online.
Private sector joins test
The ECB framed the level of interest as evidence that private payment firms are willing to engage with the project, even as banks and merchants continue to debate fees, compensation and the effect on deposits.
The pilot is central to that debate because the digital euro would rely on private-sector firms to distribute wallets and services, while the Eurosystem - the monetary authority of the eurozone - provides the underlying infrastructure. That makes banks, card acquirers and payment companies essential to any rollout.
Europe's policy goal is also broader than technology. Officials want a public digital payment option that reduces reliance on non-EU card networks and mobile wallets, while preserving cash access and adding privacy safeguards.
