Digital Euro: The end of Visa and Mastercard's dominance?

In brief

The ECB has selected 36 payment providers, including giants like Revolut and Deutsche Bank, to build a new system.
The project will cover 19 eurozone countries, with full operational tests starting in 2027.
The main premise is to create an alternative to Visa and Mastercard to make European payments independent of US operators.

36 ECB partners: Who is building the future of payments?

The European Central Bank does not intend to build the digital euro in a vacuum. Instead of relying solely on its own processing power, Frankfurt has enlisted 36 payment service providers. This is not just a technical experiment, but a precisely targeted attack on the Visa and Mastercard duopoly, which has controlled the European cashless transaction market for decades.

The scale of private sector involvement is telling. The ECB did not look for partners only among traditional institutions, but opted for a marriage of old-school banking with fast fintech technology. This selection of players suggests that the digital euro is intended to be ready to compete for customers from the very first day of implementation. The operational goal here is not only user convenience, but above all, creating a real alternative to global USD-backed stablecoins, which are slowly beginning to drain European financial sovereignty.

Here are the key entities and assumptions that will define the payment landscape in the 19 eurozone countries from 2027:

The ECB has selected 36 payment service providers for the pilot phase of the project, which is intended to ensure broad adoption of the solution across the currency union.
This group includes giants such as Deutsche Bank and one of the leaders of the fintech sector, Revolut, which confirms the ECB's ambitions regarding the integration of new technologies with the traditional system.
The choice of this specific group of companies is aimed at creating an infrastructure capable of effectively competing with global USD stablecoins, which are gaining popularity.

The involvement of so many entities is a double-edged sword. On one hand, it offers a chance for the rapid implementation of the digital euro into our wallets and banking applications. On the other, the presence of such diverse players raises questions about data security and the consistency of the entire system. Frankfurt must now prove that 36 different entities can create one reliable payment standard that will actually threaten the American card giants. If this plan works, Visa and Mastercard may soon cease to be the only choice at the checkout.

Strategic independence from Visa and Mastercard

The European Central Bank is openly challenging the hegemony of American card giants. As part of preparations for the implementation of the digital euro, the ECB has engaged 36 key entities in the pilot, including institutions such as Deutsche Bank and fintech giant Revolut. These are not just technical tests. This is a measurable move aimed at creating an independent payment infrastructure that will realistically threaten the dominance of Visa and Mastercard in the 19 eurozone countries as early as 2027.

Frankfurt does not hide its ambitions. The digital euro is to become the foundation of European digital sovereignty, effectively cutting the Old Continent's payment system off from a dependency that has lasted for decades. Currently, almost every cashless transaction in Europe is processed by American intermediaries, which means the flow of commissions and data outside the EU jurisdiction. The ECB aims to take control of this flow, shifting the operational burden to its own solutions designed from scratch.

The ECB's actions are a direct response to the need for full control over the European payment system. Officials in Frankfurt understand perfectly well that in the era of a central bank digital currency, relying on external payment networks is a strategic risk. The question remains: will the market, accustomed to the convenience of American cards, actually want to switch to a solution imposed by the regulator?

Including 36 entities in the project is intended to minimize resistance from the financial sector, but the real test will be adoption by the average consumer. If the digital euro does not offer convenience comparable to Apple Pay or Google Pay, the ambitious plan to dethrone Visa and Mastercard may stall, remaining merely a political manifesto rather than a real payment alternative.

The role of Revolut and Deutsche Bank in the new ecosystem

The ECB has stopped building the digital euro in the privacy of its offices. The institution has engaged 36 entities, creating a coalition that is intended to realistically undermine the hegemony of American payment giants. Among them are two of the most important names: Revolut and Deutsche Bank. This is no accident, but a calculated strategy of dividing competencies between technology and the foundations of trust. Frankfurt is betting on a proven duo: one partner is to deliver reach, the other security.

Revolut enters the game with the background necessary for mass adoption. The fintech provides solutions that are intended to make the digital euro useful for the average smartphone user, accustomed to instant transfers within an application. Without their modern technological engine, the ECB project would risk the fate of ossified banking systems that discourage younger generations. They are responsible for the fluidity of the interface and the speed of transactions, without which the system will not win against traditional debit cards.

On the other side of the barricade stands Deutsche Bank. Its role is prosaic but critical: it guarantees institutional stability. Introducing a central bank digital currency (CBDC) requires a foundation that the market will trust without blinking an eye. A traditional bank gives the project a seriousness that purely digital entities lack. This combination of innovation with conservative banking supervision is intended to be a barrier for Visa and Mastercard in the 19 eurozone countries.

The catch? Cooperation between giants with such extremely different operational cultures is a huge logistical challenge. Will it be possible to fully synchronize the agility of Revolut with the heavy machinery of Deutsche Bank? We will know the answer in 2027, when the pilot enters its decisive phase. If this technological-banking marriage works, the twenty-plus-year dominance of the current card operators will cease to be a given and will become merely a historical footnote. For Visa and Mastercard, this is a clear signal that the days of their monopoly on European payments are coming to an end.

Digital euro vs. stablecoins: The fight for dominance

The European Central Bank does not hide the fact that its new strategy is intended to strike directly at the cryptocurrency market. The ECB is engaging 36 entities, including giants such as Revolut and Deutsche Bank, to create an independent payment infrastructure. The goal is to dethrone Visa and Mastercard in the 19 eurozone countries as early as 2027. It is a political move aimed at displacing external intermediaries from the European money circulation.

Officials in Frankfurt make it clear: they want to counteract the growing dominance of US dollar-backed stablecoins. For the ECB, this is a threat to the monetary sovereignty of the community. Private cryptocurrencies, while convenient, are a systemic risk to them. The digital euro is intended to be the answer to this problem, offering the security of a central bank, which no private company issuing tokens is able to guarantee.

This clash is not about innovation for the sake of innovation. The project aims to maintain the monetary stability of the eurozone in the digital age. While stablecoins promise anonymity and speed, the ECB puts the trust in a public institution on the table. This is a fundamental difference upon which the central bank wants to build its new ecosystem.

The question remains whether the promise of security will be enough to attract users accustomed to the flexibility of private solutions. Users often choose convenience over state guarantees. If the digital euro is to actually win, it must not only be safer but, above all, as intuitive to use as the applications we use today. If the ECB does not deliver this, users may stick to dollar stablecoins, ignoring the official EU currency. For now, however, the 36 selected companies are starting tests that will show whether European infrastructure is capable of realistically replacing global payment networks.

Pilot scope: 19 eurozone countries in a new era

The European Central Bank does not mess around with half-measures. The Frankfurt institution has just finalized the list of 36 entities that have been tasked with building an alternative payment infrastructure. These are not random players. The list includes financial market giants such as Deutsche Bank and Revolut, whose task is to test the digital euro in practice. The ECB's ambitions go far beyond theoretical considerations. The goal is clear: to create a system that will realistically dethrone the Visa and Mastercard duopoly within the eurozone from 2027.

The system is intended to become a universal means of payment for everyday purchases, from a morning coffee in Rome to grocery shopping in Berlin. The operation will cover 19 eurozone countries, making this undertaking the biggest challenge to the existing transaction order in the history of the Economic and Monetary Union. The clock has been ticking for a long time. The official countdown to the launch of the full system began in November 2025, and every subsequent ECB decision only increases the pace.

For the average consumer, this means that in the near future, a third payment method, completely independent of American card giants, may appear at the store checkout. The catch? The question of privacy. Introducing a centralized payment system into the hands of a central bank raises resistance from defenders of anonymity, who fear full surveillance of citizens' financial flows.

Here is the key data regarding the current stage of work on the project:

Number of payment entities involved — 36 (Euronews.com, BeInCrypto)
Number of eurozone countries covered by the pilot — 19 (Fakt)
Date the countdown to the system launch began — November 2025 (Wyborcza.biz)
Planned system launch date — 2027 (Fintek.pl)

The market is now waiting for the first test results. If the infrastructure proves efficient, Visa and Mastercard may lose their status as the only sensible choice in a European's wallet. This is not just a technological change, but above all a political declaration of Europe's financial sovereignty.

Implementation schedule: What awaits us by 2027?

The European Central Bank does not intend to wait. The year 2027 will become a caesura after which the dominance of Visa and Mastercard in the 19 eurozone countries may pass into history. Instead of just observing the market, Frankfurt is building its own independent payment infrastructure. This is not a theoretical project.

In mid-July 2026, decisions were made that set the direction for change. The ECB finalized the selection of 36 entities that will become the pillars of the new system. The list includes players with extremely different business models, from the traditional Deutsche Bank to a digital giant like Revolut. This combination is intended to ensure the fluidity of implementation in such a diverse financial environment.

The work schedule is tight:

Mid-2026: A period of intensive preparatory work, which started in June, building the technical foundations for the system.
July 2026: Official closing of the list of 36 payment providers selected to create the new infrastructure.
2027: Start of the official currency pilot, which is intended to pose a real challenge to the existing card monopoly.

But is 36 entities a sufficient number to win against the habits of millions of consumers? Doubts remain. Frankfurt is betting everything on one card, believing that central technology will displace commercial solutions. The risk is significant. If the system does not provide convenience comparable to today's banking applications, users simply will not want to use it, regardless of the ECB's ambitions. It is a race against time, where the stake is the financial sovereignty of the eurozone in the face of stablecoins and private payment systems. If this plan fails, Europe will be left with outdated infrastructure that will still depend on American giants, no matter how many digital projects the central bank announces.

What this means for you

The key beneficiary will be the European financial sector, which will regain control over payment infrastructure. The losers may be American corporations (Visa, Mastercard), which are losing their monopoly on processing transactions in Europe. The catch lies in social adoption – will citizens actually abandon convenient cards for the digital euro?

Questions and answers

When will I be able to pay with the digital euro in a store?

Full pilot tests involving the selected 36 companies start in 2027.

Why does the ECB want to become independent of Visa and Mastercard?

The goal is to increase Europe's financial sovereignty and limit dependence on American payment operators.

Which companies are taking part in the digital euro tests?

The ECB has selected 36 payment service providers, including key entities such as Revolut and Deutsche Bank.

Sources

Article prepared by the Wiadomości PRO editorial team with the support of artificial intelligence. Facts come from the sources provided above.