New York, Friday, September 27, 2024 – A new Deutsche Bank survey reveals that most consumers prefer traditional payment methods like cash and cards over Central Bank Digital Currencies (CBDCs), with 59% of respondents believing cash will remain relevant in the future.
The survey, which polled 4,850 participants across Europe, the United States, and the United Kingdom, found that 44% of respondents would opt to use cash for payments rather than adopt CBDCs.
While central banks are exploring the feasibility of CBDCs, only 16% of those surveyed expect digital currencies to become mainstream. Privacy concerns were highlighted as a major factor deterring adoption, particularly among U.S. respondents, who expressed a stronger preference for private cryptocurrencies like Bitcoin due to the anonymity they offer.
The Deutsche Bank report, led by analysts Marion Laboure and Sai Ravindran, noted that although digital payment methods gained traction during the COVID-19 pandemic—especially among Gen Z—consumers remain skeptical of CBDCs, particularly in Europe, where the preference for cash remains stronger compared to the U.S. and U.K.
Additionally, 31% of respondents said they would be more likely to use a cryptocurrency managed by the government rather than one backed by private institutions. Central banks continue to explore wholesale use cases for CBDCs, but the survey underscores ongoing challenges in securing public trust.
Despite growing efforts to integrate digital currencies into the global economy, cash remains the preferred payment method for many due to its convenience and privacy benefits.
