ROMA (ITALPRESS) – The European Central Bank (ECB) has selected 36 payment service providers (PSP) from across the euro area to participate in the digital euro pilot project, which is fundamental to test the technical functionality and operational processes of the digital euro, as well as to improve user experience.
The aim of the pilot project, read in a note, is “supporting ongoing preparatory work for the potential issue of a digital euro and should start in the second half of 2027 for a period of 12 months”. The Eurosystem has received over 50 applications from payment service providers (PSPs); candidates have been evaluated on the basis of a set of default eligibility criteria. Selected participants, including banks and non-bank service providers, represent a wide range of business and size models, as well as offering a wide geographical coverage, ensuring a diverse and representative test and learning environment for the digital euro.
“The strong market interest for the pilot project demonstrates the private sector’s willingness to actively engage and progress quickly in the digital euro project to strengthen the European Payments panorama,” said Piero Cipollone, member of the ECB Executive Committee and president of the high-level Task Force on the digital euro.
“We look forward to stepping up collaboration and learning together with European payment service providers to develop a secure, efficient and inclusive digital euro,” said Cipollone.
The pilot project will use a beta version of the digital euro. It will be functionally and technically similar to the digital euro provided in the draft law, but will not have legal course. Some of the selected suppliers will allow Eurosystem staff to access beta services in digital euro, such as creating their own beta digital euro account and making payments, while others will serve selected traders and allow them to receive beta digital euro payments.
Some suppliers will play a dual role, both acquisition and distribution. The pilot project will take place at the ECB and 19 national central banks of the euro area, namely Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland. The pilot project takes into account the fact that the selected payment service providers could provide pilot services in countries other than that in which they are based.
The pilot project will involve ECB staff and participating national central banks, as well as online traders and traders who offer routine services at their locations (e.g., canteens and restaurants). The staff of the participating central banks will have the opportunity to make digital payments in euro in beta version from person to person (both online and offline) and from person to company (both at physical stores, including software POS, and via e-commerce, including mobile payments).
The pilot project will also help improve the design of the digital euro and user experience. Progress updates will be published regularly on the web page dedicated to the ECB’s digital euro project. As next steps, selected payment service providers will cooperate closely with their national central banks and the ECB to prepare the necessary preparations for the pilot phase.
-Photo IPA Agency-
(ITALPRESS).
