Italy is the country with the most representatives: Banca Monte dei Paschi di Siena, Banca Sella, isybank (Intesa Sanpaolo), Numia, Nexi Payments, Poste Italiane, Unicredit, and the fintech Satispay’s Luxembourg-based Satispay Europe
The digital euro project is approaching its most operational phase. The European Central Bank selected 36 Payment Service Provider (PSPs) from across the Euro area who will join the retail digital euro pilot, the experimental programme through which the Eurosystem will test the functioning of the future central bank digital currency in practice (press release).
The twelve months lasting trial will begin in 2H27 and serve to test the technological infrastructure, operational processes and user experience ahead of the possible issuance of the digital euro, which may take place no earlier than 2029, subject to final approval of the relevant European legislation. Traditional banks, fintech companies, payment institutions and operators specialising in digital services are part of such 36 PSPs list. Italy is the country with the largest representation as Banca Monte dei Paschi di Siena, Banca Sella, isybank (Intesa Sanpaolo), Numia, Nexi Payments, Poste Italiane, Unicredit, and the fintech Satispay‘s Luxembourg subsidiary Satispay Europe.
More than 50 financial services firms applied and the ECB shortlisted 36 of them with the aim of to represent different business models, sizes and countries. Deutsche Bank, DZ Bank, BPCE, Revolut, Adyen, Stripe, SumUp, Raiffeisen Bank International, Bawag, Caixa Geral de Depósitos, Banco Comercial Português, National Bank of Greece, Piraeus Bank, OP Retail Customers, Nova Ljubljanska Banka, Bank of Cyprus, and other payment services providers joine the trial project.
The pilot does not coincide with the launch of the digital euro. It is instead a controlled trial involving the ECB, 19 national central banks of the Eurosystem (excluding Bulgaria and Malta), selected payment service providers and a limited number of merchants and users.
The test will use a beta version of the digital euro that despite lacking legal tender status is technically very similar to the final product. The goal is to verify that the entire infrastructure is ready prior to the potential introduction of this new form of digital currency. Participants will be able to make person-to-person and person-to-business payments—both in physical stores and online—while also testing features such as offline payments and integration with banking applications.
The project stems from a twofold need. On the one hand, to ensure that, even in the digital age, citizens can continue to have access to a form of central bank money, just as they do today with cash. On the other hand, to strengthen European sovereignty in the payments sector by reducing dependence on major non-European international networks such as Visa and Mastercard, and on new global operators. It is no coincidence that one of the ECB’s stated objectives is the creation of a European infrastructure open to banks, fintech firms and payment operators, which will distribute the digital euro to end customers in their capacity as Payment Service Providers.
