Future digital euro users are most interested in peer-to-peer payments, budget control, and offline availability, according to new research.
of study Commissioned by the European Central Bank (ECB) and performed by London-based analytics firm Kantar Group. He surveyed 321 participants in focus groups in Germany, Belgium, Spain, Ireland, France, Portugal, and a dozen other countries. We grouped participants into the general public, tech savvy, merchants, and the unbanked.
Peer-to-peer payments ranked highest among participants and were seen as essential to the future digital euro. According to this research, his P2P payments for CBDC, coupled with payment requests and its pan-euro reach, could add enormous value.
The survey found that budget control functionality was equally important to respondents. Most people considered the budget features that the digital euro would incorporate to be “convenient and relatively advanced.” Some fintech platforms already offer this capability, but without pan-euro reach and acceptance dominated by the digital euro.
Offline payments and QR code functionality were the highest rated features not yet available in CBDC. Tech-savvy people especially liked his QR code, but privacy concerns were raised if a merchant scanned a user’s girlfriend’s QR code.
Other features of interest to users are merchant dashboards and payment management, conditional payments, and the ability to access digital euros within existing banking apps.
Users want a programmable digital euro
Conditional payments could be the biggest stumbling block, with the ECB asserting that the digital euro is not a programmable currency. However, respondents, especially tech-savvy ones, believe that programmability will make the digital euro more attractive. This includes cash on delivery and pay as you go.
“Delayed payments are a good thing. If you buy on a second-hand website or app, [such as those where users can buy or sell second-hand clothing]It can confirm that you received the correct product.
However, there are also concerns. A male Irish respondent believes such features are only applicable to large merchants. “Certain businesses may not be viable if they only get paid on delivery,” he said.
The focus group was a big piece of the ECB’s digital euro puzzle, says ECB board member Fabio Panetta. He said the findings will be incorporated into the design of the CBDC.
“The findings from these reports will inform decisions about the future of the project in the fall,” said Panetta. Said.
The ECB has yet to decide whether to introduce a digital euro and is only conducting a feasibility study. CBDC has received equal support and criticism. A recent report submitted to the European Parliament suggested that the ECB would investigate, but not initiate, his CBDC. Some, like Germany, are more welcoming of the digital euro, others, like Denmark, believe it is the solution to their problems, and others, like Italy, are cautiously optimistic. There is also a typical country.
The ECB also believes that the digital euro could revolutionize the European payments landscape, but will not force it on users.
In a recent speech to the European Parliament, anti-Bitcoin ECB board member Panetta said:
“People will not be obligated to use the digital euro. But they should always have the option to use it. Just like cash today.”
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