Banco de España joins digital euro pilot with two Spanish PSPs
The Banco de España will participate in the digital euro pilot alongside the European Central Bank and 18 other Eurosystem national central banks. The ECB today announced that 36 payment service providers, including two Spanish firms, have been selected for the program.
Spanish firms join testing phase
The European Central Bank selected 36 payment service providers (PSPs) from across the euro area for the digital euro pilot.
Among these are two Spanish entities: an alliance comprising Abanca, Ibercaja, Unicaja, Cecabank, Bizum, and Deloitte, and the payment institution Uinku, operating under the Sipay brand.
The Banco de España will join the ECB and 18 other national central banks in this initiative.
The pilot aims to test the digital euro's technical functionality, refine operational processes, and enhance the user experience, supporting the preparatory work for a potential future issuance.
This collaborative effort ensures broad representation and diverse expertise in evaluating the digital currency's practical application.
The involvement of both large banking groups and innovative payment institutions highlights a comprehensive approach to testing the digital euro's ecosystem.
The selection process focused on providers capable of handling various payment scenarios and user interactions, from person-to-person transfers to retail transactions.
Beta version for real-world scenarios
The digital euro pilot is scheduled for 12 months, commencing in the second half of 2027.
A beta version, functionally and technically similar to the digital euro envisaged in draft legislation but not legal tender, will be utilized.
This controlled environment allows for rigorous testing without immediate legal implications.
Staff from the ECB and participating national central banks, alongside merchants, will use this beta version for a range of transactions.
These include online and offline person-to-person payments, and retail purchases at physical points of sale and through e-commerce platforms, including mobile payments.
Distributing PSPs will provide Eurosystem staff with access to beta digital euro services, while acquiring PSPs will support merchants in receiving payments made with the beta digital euro.