Value of CBDC payments to reach $213b annually by 2030: study
Adoption will be driven by governments boosting financial inclusion.
The value of global payments via central bank digital currencies (CBDC) is estimated to reach $213b annually by 2030, according to a study by Juniper Research.
A CBDC is a digital coin issued by a central bank, pegged to the country’s fiat currency.
Adoption will reportedly be driven by governments making use of CBDCs to boost financial inclusion and control digital payments, Juniper Research said.
“CBDCs will improve access to digital payments, particularly in emerging economies; where mobile penetration is significantly higher than banking penetration,” the digital market research company said in a report.
As of 2023, Juniper Research estimated that the value of CBDC payments will equal $100m, with 100% of the value being used for domestic payments.
“Whilst cross-border payments currently have high costs and slow transaction speeds, this area is not the focus of CBDC development,” said Nick Maynard, author of the Juniper Research report. “As CBDC adoption will be very country specific, it will be incumbent on cross-border payment networks to link schemes together; allowing the wider payments industry to benefit from CBDCs.”