ECB picks 36 payment firms, including Revolut and UniCredit, for digital euro pilot
The European Central Bank selected 36 payment service providers to test a digital euro in a year-long pilot from 2027, including neobanks Revolut and Stripe alongside traditional lenders such as UniCredit, in the latest step toward an EU central-bank digital currency designed to reduce eurozone reliance on foreign payment networks
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Summary
The European Central Bank announced on July 14 the selection of 36 payment service providers to join a year-long digital euro pilot beginning in 2027. The list spans neobanks including Revolut and Stripe and established European lenders such as UniCredit. The ECB has been developing the digital euro since launching an investigation phase in 2021, and the pilot selection marks the latest formal step before the EU decides whether to proceed with a full digital currency launch. The core aim is to create a form of central-bank-issued digital money that complements cash and reduces the eurozone's dependence on payment networks controlled by Visa, Mastercard, and US-based technology companies.
The split
The ECB framed the 36-firm selection as a procedural milestone in a preparation phase that does not yet commit the EU to launching the digital euro. Crypto and fintech coverage focused on the presence of Revolut and Stripe alongside traditional banks, reading it as a signal that the ECB is building a diverse pilot ecosystem rather than a bank-only network. Bloomberg reported the firm range, from Revolut to UniCredit, as evidence that the ECB is hedging between new-wave and old-guard payment providers.
By the numbers
- 36, payment service providers selected for the pilot
- 2027, start year for the year-long pilot programme
- 2021, year the ECB formally launched its digital euro investigation phase
Why it matters
A digital euro would create a payment layer under direct ECB oversight, independent of US-headquartered card networks. The eurozone currently processes most digital retail payments through Visa, Mastercard, or bank-to-bank transfers. A central bank digital currency adds EU data-sovereignty and sanctions-compliance capabilities that no commercial payment network provides. The 36-firm pilot is the first time companies have been contractually enrolled in the digital euro process, making it significantly harder to reverse.
What to watch
- Progress of the Digital Euro Regulation in the European Parliament, which must pass before the ECB can issue.
- How pilot firms handle EU data-protection requirements for real-time transaction data.
- Whether the ECB sets a public timeline for a go/no-go decision on full digital euro issuance after the 2027-2028 pilot.