VIENNA, (Pakistan Point News - 15th Jul, 2026) The European Central Bank (ECB) has selected 36 payment service providers to help test the digital euro in a year-long pilot from 2027, marking the latest milestone in the EU's effort to create a digital form of central bank money while reducing reliance on foreign payment networks.
According to the ECB, the participants were selected from more than 50 applicants across the euro area and will work alongside the ECB and 19 of the euro area's national central banks, excluding Bulgaria and Malta, during a 12-month testing exercise.
The selected providers include traditional banks, digital banks and payment companies, with several of Europe's largest financial institutions among those taking part, including Deutsche Bank, UniCredit, Revolut, Adyen and Stripe.
