Monday, November 4, 2024 – Canadians favor cash and card payments over the digital dollar, according to a study by the Bank of Canada.
The study paper can be seen here: https://www.bankofcanada.ca/wp-content/uploads/2024/10/sdp2024-16.pdf
The conducted research in July delved into the consumer value proposition of a hypothetical digital Canadian dollar, the report said.
The majority of the participants who supported the digital dollar declared their consent for the hypothetical digital Canadian dollar to be used as a backup payment method.
Conversely, during the online public consultation held last year, respondents were significantly opposed to the hypothetical digital Canadian dollar, and this seem as the gradual adoption towards digitalized financial infrastructure.
The research on hypothetical digital Canadian dollars has aligned with four concepts: smart platform, payment card, mini dot, and smart dot.
The second survey that incorporated visual methods of describing the digital forms of cash revealed that 42% of respondents favored the novel concept.
While 38% of respondents were either neutral or unfamiliar with the matter, 20% have declared their dislike towards the digital Canadian dollar, according to the study.
The survey also identified that teenage groups would be early adopters of the digital Canadian dollar.
The utility of the digital currency on banking sector and its universal merchant acceptance would motivate Canadians to be adopted this new concept, analysts believe.
Nevertheless, the final results of the study acknowledged the exigency of the awareness campaigns for extensive acceptance of Canadian Central Bank’s Digital Currency (CBDC), as it would cater the best for users.
