European Central Bank Selects 36 Financial Firms for Digital Euro Testing Phase Before 2027 Launch
Following an application process that attracted over 50 candidates, the European Central Bank has chosen 36 payment service providers, including fintech giant Revolut, to participate in digital euro beta testing.
The transition of the digital euro from the conceptual phase to practical testing is now underway, as the European Central Bank welcomes numerous payment companies to participate in the project's upcoming stage.
A total of 36 payment service providers (PSPs) have been chosen by the ECB to take part in a digital euro pilot program, as revealed in a formal statement released on Tuesday.
Among the chosen PSPs are fintech companies like Stripe and Revolut, as well as established banking institutions such as Deutsche Bank, UniCredit and BPCE. It's worth noting that Revolut has recently modified certain cryptocurrency offerings for European Union customers, including the discontinuation of Tether USDt support.
This pilot program emerges amid varying governmental strategies toward digital currencies worldwide. As Europe advances its testing of the proposed central bank digital currency (CBDC), the United States has taken steps to prevent the Federal Reserve from launching a CBDC.
Italian firms lead participation in digital euro testing program
Earlier this year, the ECB initiated the process of recruiting providers from throughout the eurozone for its digital euro pilot, with the year-long testing phase scheduled to commence in the latter half of 2027.
According to the central bank, payment companies submitted more than 50 applications following the March 2026 call for expressions of interest. Those chosen to participate represent a diverse mix of traditional banking institutions, payment processing companies, and non-banking service providers.
Leading the way with participant numbers is Italy, which accounts for seven companies in the pilot program, namely UniCredit, Poste Italiane, Nexi Payments, Banca Sella, Banca Monte dei Paschi di Siena, Isybank and Numia.
Coming in second is Germany with five providers that made the cut, while both Portugal and Greece secured three participants each. According to the ECB, this geographical distribution of countries aims to establish a comprehensive testing framework, with chosen providers granted the ability to deliver pilot services beyond their domestic markets.
Robust enthusiasm for digital euro testing initiative
According to Piero Cipollone, an Executive Board member at the ECB who leads the high-level task force dedicated to the digital euro, the strong participation rate demonstrates genuine private-sector enthusiasm for contributing to the digital euro's development, further noting that the central bank anticipates enhanced collaboration with payment providers throughout the pilot phase.
We look forward to deeper engagement as we work with and learn alongside European payment service providers in developing a secure, efficient and inclusive digital euro.
Piero Cipollone, ECB Executive Board member
The testing initiative will bring together the ECB with central banks from 19 member states of the bloc, including Belgium, Germany, France, Italy, Spain and the Netherlands, along with payment service companies and retail merchants who will evaluate the system prior to any possible token launch.
During the trial period, chosen providers will assume varying responsibilities, with certain participants concentrating on facilitating user access to beta digital euro services while others will assist merchants in processing payments. The ECB indicated that multiple companies will undertake both functions simultaneously.