The European Central Bank (ECB) has selected thirty-six companies to participate in the digital euro pilot project: among these are the Italian banks UniCredit and Monte dei Paschi di Siena, the German Deutsche Bank, and the British fintech company Revolut.
– Also read: Why the ECB has put the brakes on Revolut
WHAT THE DIGITAL EURO IS AND WHAT IT’S FOR
The digital euro is a central bank digital currency. In simpler terms, it is an electronic and equivalent “transposition” of the currency issued by the ECB, usable as an additional and faster payment method within the eurozone.
For the institution led by Christine Lagarde, which is promoting its launch with some insistence – expected to happen in 2029 –, the digital euro is also a tool to strengthen the strategic autonomy of the European Union, which currently depends on the US companies Visa and MasterCard for payment services.
THE DIGITAL EURO PUT TO THE TEST
The digital euro pilot phase will start in the second half of 2027 and will last twelve months: in addition to the ECB and the selected companies, the central banks of the EU member states will also participate, with the exceptions of Malta and Bulgaria.
“The pilot project” – reads the ECB statement – will also involve “merchants offering everyday services,” such as bars and restaurants. Participants will be able to make payments with the digital euro both person-to-person (online and offline) and person-to-business (at physical points of sale or through e-commerce platforms).
This “beta version” of the digital euro will not have legal tender status.
ALL THE ITALIAN COMPANIES THAT WILL PARTICIPATE IN THE DIGITAL EURO TEST
Most of the companies participating in the digital euro test – eight out of thirty-six – are Italian. In addition to UniCredit, the ECB has also selected:
- Banca Monte dei Paschi di Siena
- Banca Sella
- Isybank
- Nexi Payments
- Numia
- Poste Italiane
- Satispay
THE OTHER SELECTED COMPANIES
The list of selected companies also includes the French Worldline, the Dutch Adyen, and the British SumUp.
