Survey Reveals Limited Adoption Of CBDCs Due To Lack Of Incentives

According to Odaily, a survey conducted by GlobalData indicates that Central Bank Digital Currencies (CBDCs) are struggling to gain traction among consumers in several countries. The study highlights that the services offered by CBDCs are insufficient to persuade users to switch from traditional payment methods. Key issues such as lack of user incentives, privacy concerns, and technical challenges are hindering the adoption of these state-backed digital currencies. GlobalData's banking and payments analyst, Blandina Szalay, noted that in countries where CBDCs have been fully implemented, such as the Bahamas, Jamaica, the Eastern Caribbean Currency Union, and Nigeria, acceptance remains limited. This is largely due to the absence of compelling incentives for consumers to transition from their familiar payment methods to CBDCs. The survey also emphasizes the significant role of convenience and habit in determining payment preferences. GlobalData reports that CBDCs have yet to offer sufficient benefits to become a preferable option. In regions with active CBDC initiatives, users have expressed dissatisfaction, stating that the new systems complicate payments without providing adequate advantages.