The roadmap toward a digital euro has reached a major milestone. The European Central Bank (ECB) has announced the selection of 36 banks and payment service providers to participate in an upcoming pilot project designed to test the real-world functionality of the new digital currency. Live trials using a "beta version" of the coin are scheduled to begin in the second half of 2027.
The selection process was highly competitive, drawing more than 50 applicants from across the continent. Italy has secured a prominent role in this technological transition, landing eight of its own financial and payment institutions on the final list: Poste Italiane, Monte dei Paschi di Siena, Isybank (Intesa Sanpaolo’s digital bank), UniCredit, Nexi, Satispay, Numia, and Banca Sella. They will join international heavyweights and fintech giants including Deutsche Bank, Revolut, Stripe, SumUp, and Worldline.
The pilot will initially involve thousands of employees from the ECB and national central banks, including the Bank of Italy. Participants will use the digital euro to simulate online transactions, make physical payments via POS terminals at select retailers, and conduct peer-to-peer money transfers.
According to Piero Cipollone, chair of the High-Level Task Force on the digital euro, the intense market interest underscores the private sector's eagerness to actively collaborate and accelerate innovation within the European payments landscape.