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ECB selects 36 payment providers for digital euro pilot phase

5 sourcesFirst reported 7 days agoUpdated 5 days ago

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The European Central Bank (ECB) has announced the selection of 36 payment service providers for a pilot phase testing a digital euro.
The pilot is set to begin in late 2027 and will last for one year.
Among the selected providers are major institutions such as Revolut, UniCredit, and Deutsche Bank, along with three Greek banks.
The testing phase will assess various aspects of the digital euro before a potential official launch in 2029.
More than 50 applications were submitted for participation in the pilot program.

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The European Central Bank (ECB) has announced the selection of 36 payment service providers (PSPs) to participate in the pilot phase of the digital euro. This yearlong beta test is set to commence in late 2027, as the ECB explores the feasibility of introducing a digital version of the euro. The initiative follows a competitive application process that attracted over 50 applicants.

Among the selected providers are notable names such as Revolut, UniCredit, Deutsche Bank, and three Greek banks: Piraeus Bank, National Bank of Greece, and one unnamed institution. The pilot program aims to assess the functionality and user experience of the digital euro, which could lead to its official launch anticipated around 2029. The ECB's efforts are part of a broader move to modernize the European payment landscape and respond to the evolving financial ecosystem.

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