Survey: Retail CBDC adoption still faces obstacles such as user incentives, privacy, and infrastructure
ChainCatcher news reports that a survey by GlobalData shows that for consumers in many countries, the services offered by CBDCs are insufficient to motivate them to switch from familiar payment methods to CBDCs, as state-backed digital currencies face issues such as lack of user incentives, privacy concerns, and technical challenges.GlobalData banking and payments analyst Blandina Szalay stated, "In countries where CBDCs have been fully launched—Bahamas, Jamaica, Eastern Caribbean Currency Union, and Nigeria—the acceptance of CBDCs is very limited, which can be attributed to the lack of compelling incentives to encourage consumers to shift from the payment methods they are already accustomed to."Convenience and habit also play a significant role in people's choice of payment methods. According to GlobalData, CBDCs have not yet provided enough benefits to make them a better option. In fact, in places where active CBDC programs exist, users complain that the new system makes payments more complicated and "does not provide sufficient benefits."
