The ECB is inviting companies to participate in a pilot program for the digital euro set to begin in 2027, focusing on e-commerce integration.
The European Central Bank (ECB) has initiated a call for applications from companies involved in electronic and mobile commerce across the Eurozone to join a pilot program for the digital euro. Announced on September 15, this initiative allows selected vendors to test a version of the central bank digital currency (CBDC) in their online platforms.
This test version will mirror the technical specifications of the proposed digital euro legislation, although it will not have legal tender status. Participants can assess how the CBDC integrates with their current payment systems and provide insights to the ECB on its performance.
Participation is voluntary and does not offer compensation. The ECB will choose participants based on factors like market reach, operational readiness, and overall fit for the testing phase.
Scheduled to start in the latter half of 2027, the pilot program will last for one year, focusing on evaluating the system's technical capabilities, operational workflows, and user experience.
During the trials, ECB staff and representatives from participating national central banks will act as buyers. The tests will cover various transactions, including peer-to-peer transfers, payments in physical stores, and transactions via online shops and mobile applications.
In July, the ECB had already selected 36 banks and payment service providers, such as Deutsche Bank, Revolut, and Stripe, to participate in these tests.
The ECB is preparing for a potential CBDC launch by 2029, contingent on the approval of EU legislation and a subsequent decision by the ECB's Governing Council. Additionally, Piero Cipollone, an ECB Executive Board member, has assured that privacy will be a priority for the digital euro, emphasizing that transactions will not be directly linked to users.
