The European Central Bank has selected 36 providers to test the digital euro for 12 months starting in the second half of 2027. Employees of the Eurosystem will pay in cafés, restaurants, and shops, but the public will not participate.
The European Central Bank (ECB) has taken a key step towards public digital currency. The institution has selected 36 providers for a twelve-month pilot that will begin in the second half of 2027. In this phase, only employees of the Eurosystem will be able to use a beta version of the digital euro to pay in selected physical and online stores.
The trial will not be open to the public. Citizens will not be able to apply for accounts or download the app. The aim is to assess the technical infrastructure, operational processes, and user experience in a controlled environment.
This is how the digital euro pilot will work during its twelve months of testing
The trial will allow participants to send money between people, both online and offline, and to pay in physical establishments. It will also include online purchases, operations from mobile phones, and payments at commercial terminals. The version used will be similar to that contemplated in the European legislative project, although it will not be considered legal tender.
Payments will be reserved for ECB staff and the 19 national central banks of the Eurosystem, including the Bank of Spain. Only these employees will be able to open a beta account and carry out transactions. The participating shops will represent typical consumer situations: cafés, restaurants, physical stores, and e-commerce businesses.
Abanca, Ibercaja, Unicaja, Bizum, and Sipay participate from Spain in the pilot
The Bank of Spain has confirmed the presence of two Spanish candidates. The first is an alliance formed by Abanca, Ibercaja, Unicaja, Cecabank, Bizum, and Deloitte. The second is Uinku Payments, which operates under the Sipay brand. The providers will take on different roles: some will facilitate account opening and payments for Eurosystem staff, while others will connect shops to accept transactions.
The ECB received over 50 applications and ultimately selected 36 providers of various sizes and business models. Among them is Revolut Bank UAB. The Spanish participants will play a significant role in the trial, which will serve to validate the technology before a possible general launch.
The ECB maintains 2029 as a possible date for issuing the digital euro
The ECB's timeline includes being prepared for a possible first issuance during 2029, provided that European regulations on the digital euro are approved. The final decision will not be made until the legislative process is completed and the results of the trials are analysed. The start of the pilot in 2027 does not mean that cash will disappear or that citizens will have to immediately change their payment methods.
For readers interested in the evolution of digital payments, this trial represents a milestone: the ECB is moving towards a public currency that could compete with private solutions. However, there are still years to go before the digital euro is available to the general public. Shops that wish to prepare can follow the project's progress on the ECB's website.
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