Survey: Retail CBDC adoption still faces barriers 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 CBDCs are not enough to enable them to switch from familiar payment methods to CBDCs, as state supported digital currencies face issues such as lack of user incentives, privacy concerns, and technological challenges. Blandina Szalay, a bank and payment analyst at GlobalData, said, "The acceptance of CBDCs in countries that have fully launched CBDCs - the Bahamas, Jamaica, the Eastern Caribbean Monetary Union, and Nigeria - is very limited, which can be attributed to the lack of convincing incentives for consumers to shift from their already accustomed payment methods to CBDCs Convenience and habits also play an important role in people's choice of payment methods. According to GlobalData, CBDC has not yet brought enough benefits to make it a better choice. In fact, in places with active CBDC programs, users complain that the new system makes payments more complex and "does not provide enough benefits".