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The ECB is set to begin selecting EU-licensed payment providers for its digital euro pilot this quarter, with the 12-month pilot set to kick off in the second half of 2027.The European Central Bank is moving closer to a pilot for a digital euro, with Executive Board Member Piero Cipollone outlining plans to begin selecting payment service providers in early 2026, ahead of a 12-month test scheduled for the second half of 2027.
an executive committee meeting of the Italian Banking Association. He said the pilot would involve a limited number of payment service providers, merchants and Eurosystem staff. Selection of participating providers is expected to start in the first quarter of 2026. Cipollone said the digital euro will be designed to ensure it protects European card schemes and keeps banks at the core of the Eurozone payments system,European Union-licensed PSPs will be at the core of digital euro distribution, Cipollone said. For participating PSPs, the pilot offers an early-readiness advantage ahead of a potential broader rollout, including hands-on experience with onboarding, settlement and liquidity management.He added that it also provides clearer visibility on future infrastructure, compliance and staffing costs, helping companies plan investments more accurately. With direct Eurosystem support and the ability to feed into the design process, participants should gain both operational insight and influence over how the digital euro ultimately takes shape.The digital euro pilot is also intended to protect domestic European payment projects, such as Italy’s Bancomat card network and Spain’s Bizum peer-to-peer system. “Banks could lose their role in payments not just because of stablecoins but also due to other private solutions,” Cipollone said, pointing to Europe’s heavy reliance on international card networks like Visa and Mastercard.“The cap on the fee that merchants will pay on the digital euro network will be lower than what the international payments network, normally the costlier, charge, but higher than what domestic payments scheme, normally the cheapest, charge,” Cipollone said.moved to the next phase of the project The central bank then projected that a pilot exercise could start in 2027 if legislation is put in place during the course of 2026.Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently. Read our Editorial Policy
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