Survey: Retail CBDC adoption still faces obstacles such as user incentives, privacy and infrastructure

Odaily Planet Daily News: A survey by GlobalData shows that for consumers in many countries, the services provided by CBDC are not enough for them to switch from familiar payment methods to CBDC, as state-backed digital currencies face problems such as lack of user incentives, privacy issues and technical challenges. Blandina Szalay, banking and payment analyst at GlobalData, said, "In countries where CBDCs have been fully launched - the Bahamas, Jamaica, the Eastern Caribbean Currency Union and Nigeria - the acceptance of CBDCs is very limited, which can be attributed to the lack of convincing incentives for consumers to switch from the payment methods they are already accustomed to to CBDCs." Convenience and habit also play an important role in people's choice of payment methods. According to GlobalData, CBDCs have not yet brought enough benefits to make them a better choice. In fact, where there are active CBDC plans, users complain that the new system makes payments more complicated without "providing enough benefits."